ISLAMABAD, Feb 22: Pakistan and China on Thursday signed an agreement for construction of a dry port at Sost, Gojal upper Hunza at the cost of Rimimbi 7.5 million.

The agreement was signed by Yuan Jian Min, chairman of Sinotrans Xinjiang Company and Silk Route Trust, and former NALC member Ghazanfar Ali Khan.

Finance Minister Shaukat Aziz and the outgoing Chinese Ambassador Lu Shulin were present on this occasion.

According to a press release, the groundbreaking ceremony of the port would be performed by the President Gen Pervez Musharraf.

The work on the project is to commence in April, and it will be completed in four months.

After its construction, it will handle thousand of tons of cargo daily. The port’s capacity to store cargo will be increased in three stages.

The construction of the port will increase the trade between the two countries, besides, giving an economic boost as well as employment opportunities to the people of Northern Areas.

The port will also have a hotel to cater to the needs of passengers and businessmen. The entire project will be financed by the China, while Silk Route Port Trust, Sost is to provide land and other facilities. Subsequently, the port will act as a conduit of traded for Central Asian states.

Speaking on the occasion, Mr Yuan said Pakistan and China enjoyed historic relationship, and their economic ties would be augmented by the construction of the port.

The finance minister, speaking on the occasion, said Pakistan was grateful to China for its assistance in promoting trade between the two countries.