Chinese firms acquire land at Gwadar

KARACHI: Peter Hu, Vice General Manager, China Overseas Port Holding Company (COPHC) has said that Gwadar Free Zone would be built in the rear area of Gwadar port at about 2,260 acres.

At a meeting with Indentor Association of Pakistan (IAOP) on Thursday, he said the initial area of 80 acres in the free zone had already been acquired by the Chinese companies, mainly engaged in fishery processing, marble cutting, petrochemicals, etc.

COPHC executive said that 23 years tax holiday had been granted to the free zone. Further 99-year lease would be given to investors. He said that activities such as construction of East Bay Expressway, upcountry road network from Gwadar, New Gwadar International Airport, 300MW power plant, fresh water treatment plant, LNG terminal and pipeline, Pak-China Technical and Vocational Institute, business centre, and international standard exhibition centre would make the free zone a state of the art mega project.