A new age of bioeconomy empowered by the pharmacy industry, livestock development, and animal husbandry is taking shape in Gwadar Free Zone Phase II.
Gwadar Free Zone Phase II (also known as the northern part of the Gwadar Free Zone) currently contains two under-construction factories of agribusiness and bio-economy belonging to Agven and Hangeng.
Agven deals in fertilizer import, processing, and manufacturing. While Hangeng has a wide array of business scope in more than 10 countries, aims to have two branches in Gwadar Free Zone: Hangeng trade Co (SMC-PVT) Ltd and Yuanhua Industrial Co.
According to the news, Hangeng Trading Co., Ltd. will help to encourage the cultivation and purchase of agricultural products like aloe vera in the suburbs of Gwadar, and also aims to import pharmaceutical raw materials from all over the world for deep processing in the Gwadar Free Zone and export to China.
On the other hand, Yuanhua Industrial Co., Ltd. will be mostly involved in animal husbandry and livestock development. The finished products will be further processed to produce pharmaceutical products.
“Upon operation, which is expected to take place by June 2023, 1,000 direct employment and 3000 indirect employment opportunities will be created for the locals”, stated Liao Longtai, General Manager of Hangeng.
Hangeng hopes to explore a sustainable development model of “combining local government support and forming industrialization to enhance value and increasing people’s breeding income, allowing local people to develop livestock breeding, and live a better life away from poverty”, he added.
Moreover, the multinational corporation seeks to invest 20 million US dollars in the next 3 years. The first consignment from South Africa, Kenya, and Nigeria has reached Karachi Port, then it will be sent to Gwadar Port for value addition.
It has already procured 10 acres of land in the Northern Free Zone, of which 7 acres of land will be consumed for cold storage, production workshops, livestock breeding area, and warehouses, media reported.