The Free Zone, also known as the Gwadar Free Zone, has received a lot of attention recently because of the recent tax reliefs granted to enterprises that invest here. The Gwadar Free Zone occupies a prominent role in the commercial partnership, which is considered a crucial step toward taking the Pakistan-China alliance to a new level. Owing to the recent development in this zone Property investment in Gwadar has also doubled with more and more property dwellers buying Property in Gwadar.
With an estimated cost of 300M $, Gwadar free zone is located at the northern part of Gwadar with only a 7km distance from the Port. The planning and implementation of the Gwadar free zone were handed over to COPHC under a concession agreement signed in 2013 by China Overseas Ports Holding Company (COPHC), Gwadar Port Authority (GPA), and Singapore Port Authority.
The proposed development period is broken into four parts and spans the years 2015 to 2030. The entire size of the free zone is 923 hectares, which comprises the northern part (898 hectares) and the starting area (25 hectares).
The growth model for the free zone is based on a forward-thinking approach to business and trade. It combines free zone and port in order to develop industrial ties between China and Pakistan. The free zone serves as the economic growth engine for Gwadar, the CPEC’s international trade logistics hub. Owing to this futuristic approach plots for sale in Gwadar free zone’s proximity are gaining much popularity among investors.
The strategic significance of Gwadar Free Zone
The Balochistan province’s Gwadar region is noted for its abundant natural riches. Unlike most other naturally ample regions on the planet, the Gwadar region has been distinguished by tremendous development. Poverty and unemployment have been on the rise in the area in recent years, but this is expected to reverse in the coming years as property investment in Gwadar is increasing.
The strategic and economic implications of the port of Gwadar has been recognised by both China and Pakistan. It is the backbone of all trade in the region and vital to the development of trade with the South West and Central Asia. The area is noted for handling over 40% of all oil transport transits. As a result, Pakistan and China will gain a competitive edge in the area attributable to the strategic location of Gwadar. When large-scale transits occur at a port, the areas surrounding the port also benefit from large-scale development.
Development updates in GFZ
Construction on the Gwadar Free Zone began as soon as Chinese giants, China Overseas Ports Holding Ltd, came with a $250 million investment. Phase 1 was completed in 2018, and Phase 2 was inaugurated by PM Imran Khan in 2021 during his one day visit. The Chinese firm also built a vast 25-acre contemporary industrial park complete with all modern facilities.
Here is the progress update of the Gwadar Free Zone as per the CPEC Authority
- Tax exemptions for port and Free Zone notified in Finance Act 2020
- 1st phase (60 acres) completed
- 46 enterprises have been registered for investment in Free Zone.
- 03 companies started production
- First imports cum exports cargo by M/s HKSUN received in Gwadar free zone on 7th April 2021.”
- Groundbreaking of Phase II of GFZ (2,221 acres of land in Gwadar) by Prime Minister Imran Khan.
Gwadar Free Zone holds enormous potential for future investment. The Gwadar Port and Gwadar Free Zone (GFZ) would yield over $10 billion in economic activity per year once fully functional, in addition to providing thousands of new employment. That is why buying property in Gwadar in the vicinity of GFZ will prove to be a quite lucrative investment.
Gwadar Central is a GDA-approved society with a category A NOC which ensures preferential development of projects in the vicinity of our society. Buy 5 Marla, 10 Marla, and 1 Kanal residential plots and 4 and 8 Marla commercial plots for sale in Gwadar at highly affordable rates and on easy monthly installments.