“China’s Shandong Xinxu Group is planning to invest $1.34 billion to develop an integrated maritime industrial complex (IMIC) at Port Qasim in Gwadar. The project aims to modernize port infrastructure, establish shipbuilding and recycling facilities, and integrate steel production, turning Gwadar into a hub for heavy industry and logistics.”
“The investment, with $800 million earmarked for shipbuilding and $540 million for other components, is contingent on establishing a 300,000-ton furnace oil plant. Officials say the IMIC project will also support the revival of Pakistan Steel Mills and strengthen the country’s industrial base by linking ship recycling to domestic steel production.”
https://thedailycpec.com/china-plans-1-34b-investment-in-gwadar/
“See also: Chinese group plans up to $1.3 billion investment in Pakistan’s industrial complex, says official”
“IMIC [integrated maritime industrial complex] is the government’s flagship initiative to modernize industrial operations through upgrading port infrastructure, establishing shipbuilding and recycling facilities as well as an integrated steel mill at Port Qasim, which houses the Qasim International Container Terminal of [UAE’s] DP World.”