ISLAMABAD: Gwadar Free Zone has become practically operational with the first consignment clearance by Pakistan Customs, a statement said on Wednesday.
According to the statement, Pakistan Customs has facilitated the clearance of the first import cum export consignment by M/s. HK Sun Corporation limited, which will be further processed in Gwadar Free Zone established under China CPEC and later on items will be exported from Pakistan.
The first consignment consisting of metal scrap was processed and cleared by the Model Customs Collectorate, (A&F) West, Karachi and goods reached Gwadar Free Zone regulated by Model Customs Collectorate Gwadar.
More shipments of raw material of the same company are under way to Pakistan which will be further used in manufacturing of goods to be exported.
M/s. HK Sun Corporation is the first enterprise which has started manufacturing and processing activity in the free zone followed by other investors to contribute in the development of first ever free zone of country established in Gwadar Baluchistan 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 performed by COPHC.
The planned development period is from 2015 to 2030, which is divided into four phases.
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 free zone will 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.
The project will create employment opportunities for local population; and will play a role of catalyst for economic growth and development of country.
Federal Board of Revenue is committed to achieve the vision of Prime Minister and is taking such landmark steps to facilitate and provide support for swift clearance of Free Zone Cargo to prevent any possibility of loss or hardship to the export industry.
Such steps shall boost exports and will result in trade facilitation by ensuring competitiveness of our exported goods in international markets.