It is vowed by the Chinese operators of Gwadar port and its free zone that Gwadar will be made more valuable than Karachi. It will be made the single biggest contributor to the national economic output for Pakistan in 7 years. 47,000 jobs will be created for the local people and new investment worth billions of dollars will be made.
After the government stamped the 23-year income tax holiday and exemptions of sales tax and customs duties for the Gwadar Port, the China Overseas Ports Holding Company Gwadar (COPHC) Chairman Zhang Baozhong revealed this.
The chairman said, “It [issuing of ordinance] is a turning point for Pakistan’s economy and now billions of dollars will be invested in Gwadar.”
Earlier President Dr Arif Alvi promulgated two ordinances to set up China-Pakistan Economic Corridor Authority and Tax Laws Amendment Ordinance 2019.
The chairman said, “I believe Gwadar will be the largest contributor to the gross domestic product (GDP) growth in seven years.”
As of now, Karachi is the single biggest contributor to Pakistan’s economic output.
Baozhong said, “We have completed the master plan of the Gwadar Free Zone that will be built in four phases over a period of seven years. Once the zone is fully developed in seven years, 47,000 jobs will be created for the locals, and its annual sales will be $1 billion.”