ISLAMABAD: The Pakistan Muslim League-Nawaz (PML-N)-led federal government is considering giving Gwadar a status similar to Hong Kong in terms of special business incentives.
Prime Minister Nawaz Sharif during his recent visit to China had expressed his intention to develop Gwadar port on the model of Hong Kong.
Gwadar is expected to be declared a Special Economic Zone for a certain period to facilitate rapid commercial and economic development.
The specific incentive-regime is likely to include general tax-holidays‚ no Value Added Tax‚ no capital gains tax‚ no withholding tax and generous incentives pertaining to business ownership and employment of foreigners.
The establishment of Special Economic Zone‚ Free Trade Zone‚ and Export Processing Zone in the port city would attract foreign investment creating innumerable job opportunities for local youth.