In 2013, the government of Pakistan transferred the contract on development and operation of Gwadar
free zone to China Overseas Ports Holding Company Limited (COPHC). It is reported that the COPHC will
get a 91% share of the revenue from the operations of the port and the terminal. The development of
port and free zone aimed at creating a backup port industry for Gwadar Port. Tax exemptions for port
and free zone notified in Finance Act 2020. Its first phase (60 acres) is completed. So far, 46 enterprises
have registered for investment in free zone while 3 companies have started production. On April 7,
2021, first imports cum exports cargo received in Gwadar free zone. With an estimated cost of $ 300
million, free zone development has provided jobs to 240 locals.