ISLAMABAD, April 28: Minister for Ports and Shipping Babar Khan Ghauri has called for offering maximum incentives for investment in Gwadar to make the port a successful venture. Presiding over a meeting of the Cabinet Committee on Gwadar Special Economic Zone here on Thursday, he said that the success of the port was only possible through provision of maximum incentives to investors, like exemption of federal taxes up to 30 years which could further be extended for another 20 years.

He informed the participants that a special economic zone had been established in Gwadar in which warehouse had been built. He said that there would be no limit for foreign investment in the zone where goods for import/export could be kept for an unlimited period on nominal charges or on lease for a certain period.

Subsidy may be given on utility bills to business concerns at Gwadar port, he added.

Chairman, Gwadar Port Implementation Authority, Akbar Pasnani, briefed the meeting about incentives given to investors at other ports of the region.

Giving an example, he said that 12 free zones had been established in Turkey where a lot of incentives had been given to investors.

He added that there were 130 free zones in different countries of the world, which had attracted foreign investment through maximum incentives.

He agreed that by offering maximum incentives to investors, success of Gwadar port could be ensured and said that the port would not only play a vital role in boosting up economy of the country but would also be beneficial for poor masses of Gwadar and Balochistan.

He said that a Karachi-based food processing company was ready to establish five food plants in Gwadar.

Federal Minister for Textile Mushtaq Ali Cheema proposed construction of water/affluent treatment plants in Gwadar to facilitate the textile industry.

He also agreed to the proposal of exemption of federal taxes for investors in Gwadar.

Federal Minister for Food, Agriculture and Livestock Sikandar Hayat Bosan emphasized the need for establishment of agro-based industries in Gwadar and called for maximum facilities to its fishermen.

He appreciated the proposal of food plants and agreed to the suggestion of tax exemption.