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Business & Finance

CPEC Project: Pakistan Customs clears first consignment for Gwadar Free Zone

  • As per detail, 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.
08 Apr 2021

In a bid to boost Pakistan’s boost exports and trade, 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 Pakistan Economic Corridor (CPEC) and later on items will be exported from Pakistan.

As per the detail, 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 underway to Pakistan which will be further used in the manufacturing of goods to be exported.

M/s HK Sun Corporation is the first enterprise that has started manufacturing and processing activity in the free zone followed by other investors to contribute to the development of the first-ever free zone of the country established in Gwadar, Baluchistan under China Pakistan Economic Corridor (CPEC).

According to the concession agreement signed between China Overseas Ports Holding Company (COPHC) and Gwadar Port Authority (GPA), the development and operation of the Gwadar free zone is being performed by COPHC. The planned development period is from 2015 to 2030, which is divided into four phases. With the 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 the economic development engine of Gwadar aiming to transform the international trade logistics hub under CPEC. The project will create employment opportunities for the local population; and will play a role as a catalyst for the economic growth and development of the country.

FBR said that such steps shall boost exports and will result in trade facilitation by ensuring the competitiveness of our exported goods in international markets.