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ISLAMABAD: The government on Monday approved, in principle, the New Gwadar International Airport project at a cost of Rs55.4 billion, about 147% higher than the first revision, and also sanctioned a reduction in the scope of an important Gwadar road scheme. The decisions were taken by the Central Development Working Party (CDWP) - a body having the mandate to scrutinize and approve development schemes and refer the mega ones for final ratification of the Executive Committee of National Economic Council (Ecnec). Planning Commission Deputy Chairman Jehanzeb Khan chaired the CDWP meeting. The CDWP took up the New Gwadar International Airport project, which would be built with the help of Pakistan government funds and a Chinese grant of 1.52 billion yuan or Rs34 billion. The total cost of the project is Rs55.4 billion. The new Gwadar airport is considered important for the development of Gwadar Port and its free zone. The Ministry of Planning is now gradually taking back the control of the China-Pakistan Economic Corridor (CPEC) after the CPEC Authority law lapsed four months ago. The government has also brought back Hassan Dawood Butt to handle affairs in the next CPEC Joint Cooperation Committee (JCC) meeting. JCC is scheduled to meet this month and will take important decisions on the future roadmap of the multibillion-dollar strategic bilateral initiative. Butt had earlier been the deputy project director of the CPEC support project but moved to Khyber-Pakhtunkhwa Board of Investment. The original Gwadar airport project had been approved at a cost of Rs7.5 billion in 2010 and the revised one was cleared in 2015 at a cost of Rs22.2 billion. The CDWP approved the second revision on Monday with a cost of Rs55.4 billion, higher by Rs33 billion or 147% than the 2015 cost. A key reason behind the increase in cost was that the new plan was based on a detailed design of the project. The CDWP directed the Civil Aviation Authority (CAA) to review the possibility of c

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As per the feedback received from some of the Indian participants at the China Import and Export Fair (Canton Fair), on-the-spot orders worth about USD 50 million have been booked and business worth about USD 100 million is likely to be generated, Federation of Indian Export Organisations (FIEO) informed in its release.

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Punj Lloyd Group subsidiary, Sembawang Engineers and Constructors (Sembawang), one of the leading engineering and construction companies in Southeast Asia and MENA (Middle East & North Africa) region has clinched a major contract worth Rs. 1394 crore (S$ 419 million) from Singapore's landmark integrated resort Resorts World Sentosa , a subsidiary of Genting Group.

The government Wednesday cleared 24 foreign investment proposals, including those of media company Asianet and broadcasting firm Tata Sky, worth Rs.1,412 crore.

The southern Indian state of Karnataka has bagged about 400 projects worth Rs.4 trillion ($85 billion) at the two-day Global Investors Meet (GIM 2010) in this tech hub.

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