Accompanied by COPHC Chief Executive Officer Zhang Baozhong and Minister for Economic Affairs Hammad Azhar, Mr Zaidi told a press conference on Tuesday that the COPHC that had already been operating at Gwadar Port would get tax exemption for installation of machinery and other equipment at the port.
The initiative was a step towards relocation of the Chinese manufacturing industry in Gwadar and engaging the local labor, he said, adding that the move would ultimately boost Pakistan’s economy.
The minister said the COPHC would also set up a desalination plant with the cost of Rs1.95 billion to provide 5,000 gallons of water per day to the people.
He announced that China would build Pak-China Technical and Vocational Training Institute in Gwadar at a cost of around $10 million, which would open job opportunities for locals. “About 360 students equipped with technical skills would pass out from the institute every year,” he said.
Mr Zaidi said Pak-China Friendship Hospital would also be established on 68-acre land at an estimated cost of $100 million. Besides, he added, a coal power plant for generating 300MW electricity would also be set up in Gwadar.
On the issue of Gwadar Port’s connectivity with Makran Coastal Highway, he said the Executive Committee of the National Economic Council (ECNEC) had approved the construction of three bridges on the Eastbay Expressway to resolve the grievances of local fisherman.
Around 40 percent of construction work on the Eastbay Expressway had been completed while the rest would be completed by December 2020, he added.
COPHC CEO Zhang Baozhong said the present government had resolved the tax exemption issue that had been pending for the past seven years. He expressed the hope that due to the business-friendly policies of the government, more foreign investment would come to the country.
In the intricate tapestry of Pakistan’s journey towards technological and economic renaissance, the insights of…
Sindh: Senate elections, final list of candidates released The Election Commission of Sindh has released…
The Federal Cabinet approved the inclusion of 24 names in the ECL The federal cabinet…
The recent incidents of terrorism in Pakistan, notably in Gwadar, Turbat, and Besham, are dastardly…
Pakistan Stock Exchange: Index hits new high of 67,208 The Pakistan Stock Exchange 100 index…
America and its allies are afraid of a big and strong Russia: Putin Russian President…
Leave a Comment