QUETTA: The Balochistan government has declared Gwadar District a tax-free zone in a bid to attract investment in the port city and urged the federal government to grant special economic status to...
QUETTA: The Balochistan government has declared Gwadar District a tax-free zone in a bid to attract investment in the port city and urged the federal government to grant special economic status to the district. The district will now be exempted from all provincial taxes, including excise, services and transfer of property, the provincial government said on Saturday.Senator Kauda Babar, hailing from Gwadar, welcomed the provincial cabinet’s decision to grant a special economic status to the district.
The provincial cabinet fulfilled the long-standing demand by giving Gwadar the status of tax-free zone, he said.
The senator also called upon the federal government to grant a similar status to the district and exempt it from federal taxes. Senator Babar said the tax-free status will make the Gwadar Port operational and attract more investment. A similar status, he said, spurred development in the port cities of Dubai and Singapore.
The senator said the establishment of industry in Gwadar will provide employment to millions of people and earn foreign exchange for the country.
The deep seaport of Gwadar, a crucial component of China Pakistan Economic Corridor (CPEC), has a special strategic significance as a facility not simply ensuring Pak-China connectivity but also hyperlinking Central Asia, South Asia and the Middle East, making it the center of future economic activities.The development under CPEC aims to transform Gwadar into a major trade and economic hub, facilitating regional connectivity and enhancing Pakistan’s maritime trade. The port’s potential to become an energy and transport corridor, coupled with its strategic location, makes it a focal point for international investment and economic cooperation, driving economic growth and regional integration.
The other ongoing projects in Gwadar include Gwadar Free Zone North (Phase II), the Gwadar Safe City Project, three electricity projects, Gwadar Smart Port City Master Plan, Gwadar Tourism Project, New management model of Pak-China Technical and Vocational Institute (PCT & VI), state-of- the-art shipyard project, oil refinery project, Green Gwadar Project, Pak-China Friendship Hospital, fishermen community projects, Gwadar port dredging project, export-oriented projects, fishing industry, warehouse industry and Gwadar Huafa Exhibition and Trading Center.