Chinese firm COPHC gets 23-year tax exemption from Pakistan government

Pakistan Federal Minister for Maritime Affairs, Ali Haider Zaidi on October 8 anunced that it has decided to provide tax exemption of 23 years to a Chinese firm working at Gwar port in Balochistan. He said that Government of Pakistan has granted tax exemption to China Overseas Ports Holding Company (COPHC) to facilitate establishment of its industrial units at Gwar Port according to a news ncy. Zhang Baozhong, CEO of COPHC said incumbent government has ultimately come out with result to exempt tax that has been pending for past seven years. He said with a hope that due to business-friendly policies of government re will be a sharp increase in foreign investments.

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Minister said that move would ultimately bolster Pakistan's ecomy

Zaidi said that project h alrey been operating at Gwar Port and is exempted from tax for installation of machinery and or equipment at port. initiative was a step towards relocation of Chinese manufacturing industry in Gwar and engaging local labor. minister said that move would ultimately bolster Pakistan's ecomy. He also said that Chinese firm would also come up with a desalination plant with cost of Rs 1.95 billion to provide 5,000 gallons of water per day to people.

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China to build Pakistan-China Technical and Vocational Training Institute in Gwar 

Pakistan Prime Minister Imran Khan is on a two-day visit to Beijing to attend a meeting with Chinese authorities over recent regional developments and projects under China-Pakistan Ecomic Corridor (CPEC) being main focus. Zaidi also anunced that China would build Pakistan-China Technical and Vocational Training Institute in Gwar at a cost of around $10 million which would result in offering job opportunities to locals. He also said that Pakistan-China Friendship Hospital would also be opened on 68-acre land at an approximate cost of $100 million. A coal power plant for generating 300 MW of electricity would also be established in Gwar. He also raised issue of Gwar port's connectivity with Makran coastal highway. He said about 40 percent of construction work on Eastbay Expressway h been completed and rest of work is expected to be completed by December 2020.

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