BEIJING: Hainan Province and China Overseas Port Holding Company Limited have digitally signed a memorandum of understanding (MoU) solidifying the inclusion of the Gwadar Free Zone in Pakistan as part of the Global Free Trade Zone (Port) Partnership Initiative.
Dai Zhen, Director of Hainan Province’s Foreign Affairs Office, emphasized the strategic location of the Gwadar Free Zone, adjacent to Pakistan’s third-largest port, Gwadar Port. Gwadar Port plays a vital role as a deep-water port in South Asia, aligning well with the policy advantages and functional orientation of the Hainan Free Trade Port.
“We aspire for both sides to fully leverage their strengths to deepen economic and trade cooperation and jointly benefit the people of both regions,” stated Dai Zhen during the signing ceremony.
Since the initiative’s launch in March of this year, the Hainan Free Trade Port has established strong connections with management institutions of prominent overseas free trade zones and ports, with 11 overseas free trade zones and ports already joining the initiative. Yu Bo, Chairman of China Overseas Port Holding Company Limited, responsible for Gwadar Port’s construction and operation, expressed enthusiasm for further collaboration, as reported by local media.
“We aim to establish deep cooperation in trade, logistics, industrial services, and talent exchange with Hainan Free Trade Port and other stakeholders of the Global Free Trade Zone (Port) Partnership Initiative,” said Yu Bo.
