Chinese want to make Gwadar more Valuable than Karachi in Seven Years

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Chinese want to make Gwadar more Valuable than Karachi in Seven Years

The Chinese operators of Gwadar Port and associated free zone are aiming to convert Gwadar into the single largest contributor to Pakistan’s national GDP in seven years, projecting to create 47,000 jobs with new investments valuing billions of dollars.

China Overseas Ports Holding Company Gwadar (COPHC) Chairman Zhang Baozhong shared his vision after the government’s decision to grant a 23-year income tax holiday and exemptions of sales tax and customs duties for the Gwadar Port and associated businesses set up at Gwadar Free Zone.

Baozhong was addressing a press conference with Federal Minister for Maritime Affairs Ali Zaidi and Federal Minister for Economic Affairs Hammad Azhar

Zhang Baozhong believes that it is a turning point for the Pakistani Economy in General and Gwadar to be specific.

He also said that around 95% of the production from the Gwadar free zone will be Exported. Currently, 41 investors are lined up to invest around $500 million in Gwadar Free Zone in logistics, edible oil, piping, and halal food segments which will create around 5,000 jobs for the locals in phase one alone. 

 

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