ISLAMABAD – Pakistan government unveils unprecedented tax exemption toChina Overseas Ports Holding Company in Gwadar.
The government has granted a tax exemption to the China Overseas PortsHolding Company (COPHC) for 23 years to help them establish theirindustrial units at Gwadar Port.
This was announced by the Federal Minister for Maritime Affairs Ali HaiderZaidi.
Accompanied by COPHC’s Chief Executive Officer Zhang Baozhong and Ministerfor Economic Affairs Hammad Azhar, Mr. Zaidi told a press conference onTuesday that COPHC will get a tax exemption for installation of machineryand other equipment at the port.
The initiative is a step towards the relocation of the Chinesemanufacturing industry to Gwadar and engaging the local labor, he said,adding that the move will boost Pakistan’s economy.
The minister said COPHC will also set up a desalination plant at a cost ofRs. 1.95 billion to provide 5,000 gallons of water per day to the people.
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He announced that China will build a Pak-China Technical and VocationalTraining Institute in Gwadar at a cost of around $10 million, which willopen job opportunities for locals. “About 360 students equipped withtechnical skills will pass out from the institute every year,” he said.
Mr. Zaidi said that Pak-China Friendship Hospital will also be establishedon a 68-acre land at an estimated cost of $100 million. Also, he added, acoal power plant for generating 300MW electricity will be set up in Gwadar.
On the issue of Gwadar port’s connectivity with Makran Coastal Highway, hesaid the Executive Committee of the National Economic Council (ECNEC) hasapproved the construction of three bridges on the Eastbay Expressway toresolve the grievances of local fisherman.
Around 40 percent of construction work on the Eastbay Expressway has beencompleted while the rest will be completed by December 2020, he added.
