First “electric cable company” in Gwadar Free Zone (Phase II)
GWADAR,May.29(Gwadar Pro) - Gwadar Free Zone (Phase II) is highly likely to see the first entry of the "electric cable manufacturing company of Pakistan" in the wake of warm interactions between stakeholders ushering in an era of a flurry of business activities in Gwadar, a regional business hub of Pakistan.
Out of many companies, registered, operational, or in process of being established in Gwadar Free Zone Phase I and Gwadar Free Zone Phase II, Pakistan's electric cable maker "Coppergate" will be the first enterprise to run its manufacturing unit if all business prospects radiate promising vibes. It will not only be engaged in the export business but also contribute to the local market.
Coppergate is a Lahore-based electric cable producing multinational corporation which operates in Pakistan's 14 cities and South Africa and UAE. Prospects of maturing the deal are high after chairman China Overseas Ports Holding Company (COPHC) Zhang Baozhong met with Coppergate Pakistan's Business advisor, Widad Durrani, and Zonal Manager Mansoor Ali recently in Gwadar.
They expressed the company's plan to set up a manufacturing base in Gwadar. With the accelerated pace of industrialization of Gwadar Free Zone Phase II, the demand for electric hardware and relevant materials has been continually rising. They believed that the establishment of the production unit in Gwadar, in addition to fulfilling local demand, can act as a catalyst for the stream of industrialization of Gwadar.
Recently, commercial activities in Gwadar Free Zone have gained momentum chiefly due to Zhang Baozhong's endeavors. COPHC has invested more than $300 million in the development of Gwadar port and plans to invest $3 billion in the upcoming years, Chairman stated. Moreover, over RMB 5 billion has been disbursed by the Chinese government for the social sector in Gwadar so far. A Chinese enterprise is planning to set up a $5 million oil refinery in the Free Zone.
It is learned that if Coppergate starts business in Gwadar Free Zone (Phase II), it requires raw materials in abundance. Fortunately, HK Sun, a metal processing industry in Gwadar Free Zone has the capacity to supply the required raw materials. Industrial cooperation between the two will be mutually beneficial.
Dreams of industrialization in Gwadar are already being materialized. The construction of Gwadar Fort Free Zone Phase-I spreading over 60 acres has been completed with all infrastructures, including power, water, and roads, now in operation. Around 47 enterprises are registered. More than eight factories are fully operational, while many others are under construction.
Meanwhile "Gwadar Free Zone (Phase II)" goes into formal action after the initiation of the lands' allocation process and soil testing rolled out by registered companies. Agvon, a Chinese company, has formally set in motion. As per the agreement, Agvon plans to build a state-of-the-art fertilizer processing plant within the stipulated time. Another company, Hang Geng, has been allocated 10 acres of land. It will launch infrastructure work after finishing the mandatory licensing process as per set rules and regulations. The company intends to run a pharmaceutical factory that will produce medicine from animal skins.
More companies, including Essatex industries, Bari Textile and Idrees Steel, have also entered into agreements. Each of them has also been allocated one acre of land and following the completion of prescribed modalities, procedures will be seen in action soon.
Apart from this, another COPHC official said that there is also a big company that aspired for the allocation of 7.5 square km of land out of a total of 9.3 square km of the land of Gwadar Free Zone phase II. This company announced an investment from $3 billion to $4 billion, which will churn out more than 30,000 jobs. A senior official of Gwadar Port Authority (GPA) said that with the operation of Gwadar Free Zone Phase II (under-developed), and Phase I (already completed and functional), export-oriented economic activity in Gwadar Port will generate $10 billion per annum.