Mir Abdul Quddus Bizenjo, the Chief Minister of Balochistan, has sanctioned the decision to confer the status of a Special Economic District (SED) on Gwadar. This decision came from a summary put forward by the planning and development department of the Balochistan government.
The primary intention behind bestowing Gwadar with this special economic status is to entice domestic and international investors, thereby ushering in unprecedented development and prosperity in the region. This initiative’s main goals are to expedite Gwadar’s progress and boost activities related to the port.
Government sources explained to The Express Tribune that establishing a SED is vital for promoting tourism and other service sectors in the area. They anticipate that sectors like trade, tourism, real estate, and hospitality will be invigorated by this move, propelling them to match the highest competitive standards.
The proposition to designate Gwadar as a SED aims to implement progressive policies. It will create a conducive environment for foreign investments in the port city. The special status also includes incentives such as federal and provincial tax exemptions for industrial activities and visa policy concessions for investors.
To incentivize investments in Gwadar, the government will offer subsidies to investors, with the aim of drawing in the maximum investment within the shortest time frame. This move by the Balochistan government comes on the back of the significant development activities in Gwadar, essential for the success of the China-Pakistan Economic Corridor (CPEC).
The Gwadar deep-sea port, in turn, has unlocked new opportunities for development and prosperity in the region, employing thousands of youth from Balochistan and other parts of the country.
. This strategic move aims to attract more national and international investment and accelerate development in the area, crucial for the success of the China-Pakistan Economic Corridor (CPEC).){kind=link}