ISLAMABAD - Gwadar will be logistic hub in the region in next five years that would play a significant role in improving the nation economy of Pakistan, said Zhang Baozhong, Chairman of China Overseas Port Holding Company while reviewing the 5-year-journey of the project.
The China-Pakistan Economic Corridor (CPEC) reached an important milestone on November 13, 2016 by the start of the first shipment of trade cargo from Gwadar Port to international destinations, CEN reported yesterday.
“We are really grateful to the Pakistani government for giving us 923 hectares of land (10 square kilometers) dedicated to the development of Free Zone as well as the incentives to investors,” said Zhang Baozhong.
He said that with a view to attracting investors, the Pakistani government has passed the Finance Bill 2020 and allowed a 23-year tax holiday for all the investors.
“There are a lot of things to be done.” After 5 years of hard work, Zhang mentioned with pride, “this building, this free zone, this port, are as good as any other ports, any other free zones in the world.”
He added, “following this model, we will develop Gwadar Port step by step. People here know clearly how much it has developed. And from this 5 years’ development, we can foresee what is going to take place.”
He also said there was no single commercial shipping line connecting Gwadar port for the past 10 years, and the port merely relied on government diverted cargo with huge subsidize road transport.
“LPG ships and bulk cargo vessels can be seen coming frequently,” Zhang said adding all these activities not only generated a lot of business opportunities for Pakistani stevedoring companies, transporters, customer clearance and many others, but also helped stabilize supply to Afghanistan and other landlocked countries in Middle Asia.
Talking about Gwadar Free Zone, the first modern industrial park in Pakistan, Zhang Baozhong said that up to now 46 enterprises have been registered for investment in Free Zone, mainly covering logistic, warehousing, Halal food processing, agriculture, textile, etc. “More and more investors are showing keen interest in investing in here,” he added.