Gwadar Free Zone becomes operational

ISLAMABAD:

The Pakistan Customs cleared the first import-cum-export consignment for Gwadar Free Zone, consisting of metal scrap, the Federal Board of Revenue (FBR) announced in a statement issued here on Wednesday.

The consignment by the HK Sun Corporation limited would be further processed in the Gwadar Free Zone, established under China-Pakistan Economic Corridor (CPEC) and later on items would be exported from Pakistan, the statement said.

The consignment was processed and cleared by the Model Customs Collectorate, (A&F) West, Karachi and the goods reached the Gwadar Free Zone, regulated by the Model Customs Collectorate Gwadar.

The HK Sun Corporation is the first enterprise which has started manufacturing and processing activity in the free zone. More shipments of raw material of the same company are under way to Pakistan which will be further used in the manufacturing of goods, which would be exported.

Other investors will also contribute to the development of the country’s first ever free zone. The China Overseas Ports Holding Company (COPHC) is running the operation of Gwadar free zone after a concession agreement with the Gwadar Port Authority (GPA).

“With import of the current consignment, the Gwadar Free Zone has practically become operational, leading to the development of other economic zones under CPEC in Pakistan,” the FBR statement said.

“The free zone would integrate and strengthen the linkage of industries between China and Pakistan. The free zone is positioned as economic development engine of Gwadar aiming to transform international trade logistics hub under CPEC.”

(WITH INPUT FROM APP)