The port will be the property of the government of Pakistan whereas China will be the operator on a profit-sharing basis.
Earlier, Pakistan had handed over control of Gwadar Port to Singapore Port Authority which later sold its rights to a Chinese company.
According to Michael, China will make investments to make the port functional and turn Pakistan into a regional trade hub. China will invest in construction of berths to handle cargo ships.
“We have to finalise terms and conditions and I along with my team will head to Beijing to negotiate the agreement,” he said, adding the port operator would be the shareholder in the port.
He also welcomed any investment from neighbouring countries including Iran and Russia in Gwadar Port. Road infrastructure for the port will also be constructed and it will be linked with China through a railway link.However, today's Times of India reports that militants have attacked the Gwadar port with heavy weapons, killing 8 or 10 security personnel. Will the Chinese be willing to spend the blood and money necessary to expand their influence in the region?