Gwadar investors to receive subsidy

Port city given special economic district status

QUETTA:

Balochistan Chief Minister, Mir Abdul Quddus Bizenjo has approved a summary giving a special economic district status to Gwadar.

He approved the summary of the planning and development department, government of Balochistan.

A major reason behind giving a special economic district status to Gwadar is to attract national and international investors and open new vistas of development and prosperity in the area.

The objective of this initiative is the fast track development of Gwadar and promotion of port related activities.

Establishment of special economic district (SED) is essential for tourism and other service sectors, sources in the government told The Express Tribune.

After the establishment of SED, trade, tourism, real estate and hoteling sectors will be boosted to the best level of competition, they mentioned.

The proposal for Gwadar as a Special Economic District (SED) aims at introducing vocational policies.

SED will provide an investor-friendly environment for foreign investment in the port city, the official said.

The sources stated that incentives for exemptions on federal and provincial taxes for industrial activities and concessions in visa policy for investors were also part of the special status.

With this initiative, subsidy will be provided to the investors in Gwadar in order to attract more and more investment in the shortest possible time.

This decision on behalf of the Balochistan government has come after massive development activities currently underway in Gwadar to make the China-Pakistan Economic Corridor (CPEC) a success.

Gwadar deep sea port has opened new vistas of development and prosperity in the region. It has so far provided jobs to thousands of youth from Balochistan and other parts of the country.

 

Published in The Express Tribune, May 31^st, 2023.