Ministry preparing investor-friendly regulations for investment in Gwadar | CustomNews.pk

Ministry preparing investor-friendly regulations for investment in Gwadar

ISLAMABAD: Pakistan’s deep-sea port city, Gwadar has gained much attention on the regional investment map, as Qatar, Saudi Arabia and Russia have expressed intention to invest billions of dollars to ensure their presence at the geo strategic port city. The Ministry of Planning & Development has initiated the procedure to frame regulations and models governing investment in Gwadar. Federal Minister Planning and Development, Makhdum Khusro Bakhtyar instructed the concerned to initiate process of preparing investors’ friendly regulations and models in order to attract maximum investment in the port city. He was chairing a meeting to review progress on the Gwadar City Master Plan project on Monday, Press Information Department (PID) reported. Chinese companies and contractors working on China Pakistan Economic Corridor (CPEC) already enjoy several exemptions and concessions, which the local businesses have been complaining. Local companies are of the view that incentives and concessions granted to Chinese companies and contractors have deprived local companies of the level playing field, and leaving them uncompetitive even in Pakistan. The meeting agreed to develop Gwadar as a modern smart port city, keeping in view the international standards being followed across the globe. It was decided that Gwadar would be made a green, clean and environmental friendly city. Federal Minister instructed that heavy industries and oil city should be positioned away from the main city. Minister further instructed for making necessary arrangements for provision of utilities as per the growth of the deep-sea port city. He said that professional approach and due financial diligence would be adopted while developing Gwadar city as a state of the art town. All steps to be made for acquiring land and other necessities in line with requirements of the city development, Minister instructed. On the occasion, Gwadar port expansion plan was also discussed and it was decided that port plan will be incorporated in the overall city master plan. The meeting was attended by Federal Minister for Maritimes Affairs Syed Ali Haider Zaidi, Commander Southern Command, Gen. Asim Saleem Bajwa, Balochistan Provincial Minister for Information Zahoor Ahmed Buledi, Secretary Planning Zafar Hasan and other officials. Director General Gwadar Development Authority Dr. Sajjad Hussain and Project Director China Pakistan Economic Corridor (CPEC) Hasaan Duad briefed the participants regarding the Master Plan.  
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