August 19, 2024
 

Chinese, Pakistani firms ink deal for deep-sea aquaculture in Baluchistan

A state-owned Chinese construction and port management firm has entered into an agreement with an aquaculture company to establish deep-sea aquaculture facilities in Pakistan's Baluchistan province, SeafoodSouce reported.

China Overseas Port Holding Company Limited (COPHC), which is responsible for the construction and management of Gwadar port in southern Pakistan, signed the agreement with Sanya Yazhou Bay Agriculture and Aquaculture Development Co.

The agreement outlines a commitment to "in-depth cooperation around deep-sea aquaculture in the future," according to a statement from the municipal government of Sanya in Hainan province. Additionally, the deal includes a joint venture to develop the Pakistan Gwadar Port-Hainan Province Yazhou Central Fishing Port Economic Zone.

This partnership is part of a broader initiative to strengthen commercial ties between Gwadar port and Hainan island, which the Chinese government is promoting as a free trade hub for tax-free trade and duty-free shopping.

Yu Bo, chairman of COPHC, expressed the company's interest in expanding cooperation with Hainan Free Trade Port in areas such as trade, logistics, industrial services, and talent exchange.

Sanya Yazhou Bay Agriculture and Aquaculture Development Co. specialises in the import and production of seedlings for southern China's aquaculture industry, while also operating seafood production facilities.

Gwadar port, a key project within the China-Pakistan Economic Corridor (CPEC), serves as a strategic link between China and Pakistan. The project aims to connect China's western regions to the Arabian Sea and the broader Indian Ocean, providing a new trade route for China.

-      SeafoodSource