ISLAMABAD: Customs has cleared the first consignment of imports and exports through Messrs. HK Sun Corporation Limited, which will be further processed in the Gwadar Free Zone under the China-Pakistan Economic Corridor (CPEC) and later They will be exported from Pakistan.
The shipment of metal scrap was processed and approved by Model Customs Collectorate, (A&F) West, Karachi and the model reached Gwadar Free Zone managed by Customs Collectorate, Gwadar. More consignments of raw materials of the same company are also going to Pakistan in the manufacture of exported goods.
Messrs. HK Sun Corporation was the first enterprise to start manufacturing and processing activities in the free zone, after which other investors participated in the development of the first free zone to be established in Gwadar under CPEC.
According to the concession agreement signed between China Overseas Ports Holding Company (COPHC) and Gwadar Port Authority (GPA), the development and operation of Gwadar Free Zone is being carried out by COPHC. The proposed development period extends from 2015 to 2030, divided into four phases.
With the import of existing equipment, the Gwadar Free Zone has become practically operational, which could lead to the development of other economic zones in Pakistan under the CPEC. The Free Zone will unite and strengthen industrial ties between China and Pakistan.
The Free Zone has been placed under the CPEC as Gwadar’s economic development engine to transform the center of international trade logistics. It will create jobs and act as a catalyst for the country’s economic growth and development.
The Federal Board of Revenue is committed to achieving the Prime Minister’s vision and is seeking early approval of Free Zone Cargo to avoid any loss or distress to the export industry.