Pak inks deal to hand over Gwadar port to China
Pakistan and China on Monday signed an agreement to hand over control of
the strategic Gwadar port on the Arabian Sea to a Chinese company, a move
that has raised serious security concerns in India.
Under the agreement for transfer of concession rights, the deep sea port
will remain the property of Pakistan while the Chinese company will share
profits from its operation. China Overseas Port Holdings Limited will
fully assume responsibility for Gwadar port in Balochistan.
Speaking on the occasion President Zardari said the agreement would give
new impetus to Pakistan-China relations and take bilateral political
cooperation into the realm of economic cooperation. Gwadar has strategic
importance for China as around 60 per cent of its crude oil comes from
Gulf countries that are close to Gwadar, he said.
Pakistan's decision is a matter of "serious concern" for India, defence
minister AK Antony had said earlier this month.
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