China to build steel plant in Gwadar

China to build steel plant in Gwadar
21/12/2016 , by , in ALLIED

China announced its plans to set up a steel factory in Gwadar city as part of the China-Pakistan Economic Corridor (CPEC).

Chinese ambassador to Pakistan Zhao Lijian confirmed the news at a conference organised by an Islamabad based think-tank and attended by top diplomats, academicians and mediapersons.

“The steel factory will be three times bigger than the free economic zone being set up in the Gwadar city, and an agreement in this regard between China and Pakistan will be signed soon,” said Zhao.

The China-Pakistan Economic Corridor is a multi-billion dollar undertaking to lay out an overland route which will facilitate trade and communication between the two nations through the construction of highways, railways, and pipelines. A number of infrastructure development projects are being carried out under the umbrella of the CPEC.

Zhao said that “industrial cooperation was the fourth pillar of the CPEC initiative” and both the countries would discuss it at the next meeting of the Joint Cooperation Committee, which is the principal decision-making body behind the project.

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