ISLAMABAD, Pakistan: Chinese investors are contemplating to build a chemical and automobile city in Gwadar under umbrella of China-Pakistan Economic Corridor (CPEC).
Sources linked to CPEC project stated that the Chinese authorities have already initiated paperwork on said projects which reflects their seriousness.
Analysts have advised owners of local automobile industry to start joint ventures with Chinese as this would help in transfer of technology as well as flourishment of local industry.
Earlier, China announced to set up a steel factory under the CPEC apart from various other projects.
China is building a network of roads and power plants under a project known as China-Pakistan Economic Corridor (CPEC) that is expected to absorb $46 billion in Chinese investment in the coming decades.
It is pertinent to mention here that the Gwadar port is located on the Arabian Sea and it occupies a strategic location between South Asia, Central Asia and the Middle East.
The port is also located at the mouth of the Persian Gulf, just outside the Straits of Hormuz.
China is seeking convenient and reliable access to the Arabian Sea and the Indian Ocean adding the new route gives China access to the Persian Gulf region and the Middle East.