Chief Executive Officer (CEO) Balochistan Board of Investment and Trade (BBoIT) Farman Zarkoon on Thursday said a number of incentives and facilities have been provided to domestic and foreign companies for investment in the province

QUETTA, (APP – UrduPoint / Pakistan Point News – 5th Nov, 2020 ) :Chief Executive Officer (CEO) Balochistan board of Investment and Trade (BBoIT) Farman Zarkoon on Thursday said a number of incentives and facilities have been provided to domestic and foreign companies for investment in the province.

In a statement, he said an attractive environment has been provided to investors in Gwadar Free Zone.

These incentives include 100% proprietary rights for foreign investors, tax exemption for 23 years, 100% exemption from customs duty for construction and operations, land lease for 99 years, flexibility in Visa rules, offices, international standard infrastructure, and security arrangements, he said.

Farman said small industrial units and warehouses are set to use and there are also numerous concessions in the free trade zone.

He said that Oil City is being set up on 8,000 acres, adding that Gwadar has water desalination plants, the energy sector (LNG terminals), restaurants and leisure activities, supermarkets, power generation projects, oil terminals and warehouses.

Gwadar is set to become a new commercial hub. The starting point of the 21st Century Silk Road project and the Pak-China Economic Corridor (CPEC) is located at the confluence of the Persian Gulf near the Gwadar Port Strait of Hormuz, the main oil supply route to the Persian Gulf, he maintained.

He further added that the Gwadar Free Zone has its own geographical importance due to its proximity to major world trade centers to make Gwadar a future sea and trade corridor saying that Gwadar Free Zone included a 2200 acres and Container Terminal that was being set up at west of the port.