China’s Hangeng Trade Company (SMC-Private) Ltd and Australia’s Master Lap Group Pty Ltd signed a Memorandum of Understanding to develop a seafood-processing industrial park in Gwadar Free Zone, the companies said.

The proposed investment is estimated at about $50 million, as per the agreement.

The park would include seafood-processing facilities, individual quick-freezing systems, refrigerated warehouses, packaging units, quality-testing laboratories and cold-chain logistics, according to the MoU.

Hangeng Chief Executive Andy Liao told Gwadar Pro that construction could begin within six months, with the first phase expected to start operations around June 2028.

The companies plan to conduct feasibility studies, establish a joint venture and seek financing for the project.

They said the park would target exports to China, Australia, the Middle East, Southeast Asia and Europe.

The MoU also outlines plans for sustainable seafood sourcing, environmental safeguards, local recruitment, vocational training and long-term procurement from fishermen.

Credit: Independent News Pakistan (INP) — Pak-China