Gwadar: In an interview with the media, Chairman of China Overseas Port Holding Company (COPHC) Zhang Baozhong said that Gwadar is going to be a ‘logistic hub’ in the next 5 years, news sources reported. He said that with the completion of the Gwadar free zone and Gwadar port, a total of USD 10 billion will be added to Pakistan’s economy.
According to the chairman, the completion of these two projects would result in the creation of 30,000 employment opportunities as well as the growth of local companies, community development, and municipal infrastructure. Furthermore, he stated that the Chinese and Pakistani governments are collaborating on the construction of infrastructure, which would boost the total productivity of the project while also attracting investment. Furthermore, he stated that the goal of the Gwadar Free Zone development is to offer new prospects for investment in oil and gas refineries, agricultural, and food processing.
He also stated that the port’s growth over the next five years will improve the aesthetic and commercial relevance of Gwadar. It is worth noting that COPHC began working on the construction of the Gwadar free zone in 2016 and has operational rights for the next five years. In order to make Pakistan more appealing for business, the government has also granted a 23-year tax holiday for investors.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
