North of Gwadar. There have been some significant investments and developments in the area recently. Known as the Gwadar Free Zone. the area has been much talked about over the recent tax.. breaks approved for companies investing here. The Gwadar Free Zone, seen as a major step in taking ties between Pakistan. and China to a new level, occupies an important place in the cooperation.
Gwadar District of Balochistan
The Gwadar District of Balochistan is renowned as an ideal repository for natural resources. But unlike most other wild places in the world. The Gwadar region defined by its significant development. Construction began in the Gwadar Free Zone. as soon as the Chinese giant’s investment began. China Overseas Ports Holding Ltd he reached $250 million. The first phase opened in 2018 and the second phase is under development. The company has set up a huge modern industrial estate of 25 acres with all modern facilities.
Subsequent development projects
This project and many subsequent development projects created employment opportunities for local residents. The latest development has also been highly praised by Balochistan officials. In a recent interview local government spokesman Liaqat Ali al-Shahwani acknowledged. the previous government’s failures, saying: China and Pakistan have jointly recognized the strategy. and economic importance of Gwadar Port. It is the basis for the full range of trade that takes place in the region. and is essential for building trade with Southwest and Central Asia. The region known to handle nearly 40% of his transit oil shipments. Gwadar’s strategic location will therefore give Pakistan.
And China an edge in the region. Port areas are also beneficiaries of large-scale development. when some ports have large-scale transit. Recently launched development projects in the Gwadar Free Zone. such as a 300 MW coal-fired power plant. will have a sustainable impact on the economy of Balochistan and Pakistan as a whole. The public enjoys the fruits of all these projects. from the early stages of the project to the final development stage. The pace of these development projects further accelerated.. after the Pakistani government granted tax exemptions. to investors seeking employment opportunities in the Gwadar Free Zone.
Providing jobs and good lifestyle
The Companies set up in the Gwadar Free Zone are set to enjoy tax incentives for 23 years. Besides giving investors ample time to achieve their objectives. and reap the benefits, the move has also succeeded in attracting. the attention of business owners around the world to the Gwadar Free Zone. According to reports, more than 30 of her investors in Pakistan. and China has already invested more than 3 billion yuan in him directly. China is already planning to develop Gwadar. and the area around the Free Zone into important trading hubs. This gives more possibilities to the idea of providing jobs and a good lifestyle for locals.
largest investment in Pakistan
Gwadar is famous for its rich coastal heritage, but it seems that the Chinese were the first to know about it. The Gwadar port project, which will help China establish itself in Arab waters. is seen as China’s largest investment in Pakistan to date. Recent policies introduced in the Gwadar Free Zone. have limited projects to completed. and put into production within a year while attracting investors. In a recent letter, the COPHC chairman said. “So far, 41 investors have applied for investment of about $500 million in the Gwadar Free Zone in the first phase. Established in the field of plumbing, halal food.”
Great Economic Repression
The problem of the local population. which has been as important as the Pakistani government in recent years. is finally moving to calm down. Gwadar, Chairman of the Board of China Overseas Holding Corporation (COPHC). said: Within 7 years he will have 47,000 jobs created for local residents and an annual turnover of $1 billion for him. “China has made clear its goal of turning Gwadar. into a major trading center known as the “Great Economic Repression”. The region is highly popular as a key force driving commerce. and strategic ties between Arab countries. The Gwadar Free Zone also provides an important platform. for the Pakistani government to build diplomatic relations. and military ties with neighboring countries without much effort.
The Gwadar Free Zone is also the most important factor. shaping future Sino-Japanese relations. Over the past decades. the two countries have helped each other to develop sustainability.. and have also carried out military operations in their integration. A recent statement by Chinese President Xi Jinping expressed his gratitude to Pakistan, saying. the bond is indestructible, underscoring the good relations between the two countries. During a meeting with Prime Minister Khan at the Diaoyutai State Guesthouse. the President said: Pakistan’s previous governments ignored the development and socio-economic situation of the Balochistan region. The Gwadar Free Zone will bring much-needed economic improvements to the entire region. and help boost Pakistan’s economy in the long run.
Also read: Gwadar today