Gwadar is an emerging economic zone in the country. Both the Gwadar Port and the related free zone are being operated by the Chinese. In a recent statement, the operators have expressed their commitment and enthusiasm to develop the port into something extraordinary. They have expressed that in the next seven years the country would be earning more from this port. 47,000 jobs will be created and the local minds and the skilled labors would be able to earn through huge investments.
Currently, the port is being taken care of by the renowned Chinese company named China Overseas Ports Holding Company Gwadar (COPHC). The chairman of the said company, Chairman Zhang Baozhong came with the future plans on Tuesday. The plans were announced after the government of Pakistan announced a 23-year income tax holiday and other tax exemptions for the Gwadar port. It is likely to transform the port into a Free Zone. As per chairman Baozhong it is a turning point for the future Free Zone.
The press conference was attended by Baozhong along with the Federal Minister for Maritime Affairs Ali Zaidi and Federal Minister for Economic Affairs Hammad Azhar. The press was told that COPHC is currently dealing with the affairs of the Gwadar port along with its four subsidiaries. This will continue for the next 23 years.
In the past, the governments of Pakistan had made amendments and granted concession but they were not timely shared with the concerned authorities responsible for the port. The president of Pakistan issued a historical set of ordinances on Monday. The ordinances were regarding the establishment of China-Pakistan Economic Corridor Authority and Tax Laws Amendment Ordinance 2019.
The chairman is hopeful that soon Gwadar will be a major contributor to the Gross Domestic Product in just a period of seven years. He further asserted that 95 per cent of the production of the region will be exported.
Currently, Karachi is the hub of all the economic activities of the countries but the things are likely to change when Gwadar will emerge as the core economic zone of the country. It would for sure replace Karachi. It would be contributing more than what is actually expected. He is hopeful that the current government would do their best for a prosperous Pakistan.