COPHC gets 23-year tax exemption for establishing industrial units at Gwadar

ISLAMABAD: To facilitate China Overseas Ports Holding Company (COPHC) as they establish industrial units at Gwadar Port, the government has granted a tax exemption for 23 years, announced Federal Minister for Maritime Affairs Ali Haider Zaidi, accompanied by COPHC Chief Executive Officer Zhang Baozhong and Minister for Economic Affairs Hammad Azhar.

This would not only attract foreign investment and boost Pakistan’s economy but also engage the local labour and create employment, as multiple initiatives were announced.

China has announced to build Pak-China Technical and Vocational Training Institute in Gwadar at a cost of around $10 million, which would equip 360 students with technical skills who would pass out from the institute every year.

It was further announced that 5,000 gallons of water will be provided to people, as COPHC will set up a desalination plant at the cost of Rs1.95 billion.

Furthermore, with an estimated worth of $100 million, Pak-China Friendship Hospital would also be established on a 68-acre land. Moreover, to generate 300MW electricity, a coal power plant would also be set up in Gwadar.

To connect Gwadar Port with Makran Coastal Highway and cater the local fisherman, the Executive Committee of the National Economic Council (ECNEC) had approved construction of three bridges on the Eastbay Expressway, he further informed. Around 40% of construction work on the Eastbay Expressway had been completed, whereas the rest would be completed by December 2020.

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