Chairman of the China Overseas Ports Holding Company Gwadar (COPHC) that operates the Gwadar Port and its free zone, has expressed his determination to turn the city into the single largest contributor to Pakistan’s economy within seven years. He promised that over 47,000 jobs will be created for locals with new investments worth billions of dollars.
Chairman shared his plans recently, after the government announced a 23-year income tax holiday and exemptions of sales tax and customs duties for the Gwadar Port and businesses to be set up at Gwadar Free Zone. He called the ordinance a turning point for Pakistan’s economy. The COPHC and its four subsidiaries are responsible for operating the seaport and its economic zones for a period of 23 years.