The Balochistan provincial government has made a groundbreaking announcement, declaring Gwadar as a tax-free zone, catapulting the region into an unprecedented era of economic growth. Gwadar will now enjoy exemption from services and excise tax, as well as property transfer tax, signifying a momentous leap forward for the district and positioning it as a major investment hub in South Asia.
Senator Kauda Babar, a native of Gwadar, lauded the cabinet’s decision as a long-awaited triumph. Expressing gratitude to Balochistan Chief Minister Abdul Qudoos Bizenjo and the cabinet, Babar emphasized the need for the federal government to alleviate federal taxes as well.
The senator firmly believes that Gwadar’s tax-free status will rekindle the true essence of the China-Pakistan Economic Corridor (CPEC), propelling activity at the Gwadar port and attracting an influx of investments. Drawing inspiration from tax-free zones in Dubai and Singapore, Babar envisions the establishment of industries in Gwadar creating countless job opportunities and bolstering the country’s foreign exchange reserves.
In a previous development, Chief Minister Mir Abdul Quddus Bizenjo greenlit the special economic district status for Gwadar, a move aimed at luring both national and international investors to unleash unprecedented development and prosperity in the region. The establishment of the special economic district will enhance trade, tourism, real estate, and hospitality sectors, leading to a fierce competition for excellence.
Additionally, the proposal includes vocational policies and an investor-friendly environment to attract foreign investments. Industrial activities in Gwadar will enjoy exemptions from federal and provincial taxes, and investors will benefit from a relaxed visa policy. Subsidies will be granted to entice more investors and expedite the inflow of investments.
This monumental decision by the Balochistan government aligns with the ongoing transformative development in Gwadar, aimed at propelling the success of the China-Pakistan Economic Corridor (CPEC). The Gwadar deep-sea port has already catalyzed development and provided employment opportunities for thousands of youth from Balochistan and beyond.