LAHORE: The inclusion of Karachi Coastal Comprehensive Development Zone (KCCDZ) project in the China-Pakistan Economic Corridor (CPEC) will boost Pakistan’s economy and enhance industrial and development cooperation between Pakistan and China, covering a total area of about 930 hectares, of which 640 hectares are reclaimed, the environment-friendly KCCDZ envisages four new berths for the Karachi Port Trust (KPT).
Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President Moazzam Ghurki expressed these views in a think-tank session held here at PCJCCI Secretariat on Tuesday.
Ghurki said that mega project, being built with an expected investment of USD 3.5 billion, would also house a state-of-the-art fishing port, with a world-class fisheries export processing zone to boost the country’s trade potential. The project, he added, would also build up the confidence of global investors towards the country and its entire ecosystem for providing and offering a lucrative environment to set up businesses and gain profits. Furthermore, it has the potential to boost industrial cooperation between Pakistan and China due to its proximity with Karachi, the financial hub of Pakistan.
PCJCCI Senior Vice President Fang Yulong termed the project a game-changer for Pakistan; the coastal development project would bring Karachi at par with developed port cities of the world. The project would present opportunities for investors and also help clean up marine habitats for fishermen and develop 20,000 low-income housing units.
He asserted that KCCDZ is the first of its kind under the CPEC, which reflects the commitment of Pakistan and China to forge high-quality cooperation to improve people’s livelihoods. “It will take Pakistan’s economy to the next level of prosperity by attracting foreign direct investment, generating employment and revenue, boosting exports and promoting regional and global connectivity,” he observed.
The joint chamber’s Vice President Hamza Khalid said that as all-weather strategic cooperative partners, China and Pakistan are stepping up cooperation in various sectors, giving impetus to the growth of bilateral relations, economic and social development of the two countries. “The KCCDZ is a 21st century modern project replete with the latest technologies, town planning, urban infrastructure, municipal amenities and environment-friendly marine development,” he maintained.
Chairman of PCJCCI Standing Committee on HR and Finance, Col. Ashraf Rana said that the project carries enormous potential to spur the country’s blue economy and exports. Fishing ports and fisheries export processing zones are critical to boost trade in fishing as coastal areas of Pakistan are rich in maritime trade, giving a way to promote the blue economy in Pakistan through infrastructure development and industrial cooperation in the said sector.
Salahuddin Hanif, Secretary General PCJCCI, said that the low-budget housing under the initiative would create affordability for poverty-stricken fishermen to own a house, boosting their socio-economic profile and Pakistan can learn from the Chinese experience of tackling climate change and how to effectively use the project to clean up marine habitats and strengthen biodiversity conservation.
