ISLAMABAD: The Customs has cleared the first import-export consignment by M/s HK Sun Corporation Limited, which will be further processed at the Gwadar Free Zone established under the China Pakistan Economic Corridor (CPEC) and later they will be exported from Pakistan.
The consignment consisting of metal scrap was processed and cleared by the Model Customs Collectorate, (A&F) West, Karachi and it reached the Gwadar Free Zone regulated by Model Customs Collectorate, Gwadar. More shipments of raw material of the same company is also en route to Pakistan for use in manufacturing of exportable goods.
The M/s HK Sun Corporation is the first enterprise that started manufacturing and processing activity in the free zone, followed by other investors to contribute to the development of first-ever free zone established in Gwadar under CPEC.
According to the concessions 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 proposed development period extends from 2015 to 2030, 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 zones will integrate and strengthen the linkage of industries between China and Pakistan.
The free zone is positioned as an economic development engine of Gwadar to transform international trade logistics hub under CPEC. It will create employment opportunities and will act as a catalyst for economic growth and development of the country.
The Federal Board of Revenue is committed to achieving the PM’s vision and is undertaking swift clearance of the Free Zone Cargo to prevent any loss or hardship to the export industry.