Islamabad: On Wednesday, the Federal Board of Revenue (FBR) declared that Pakistan Customs had approved the first import-cum-export consignment for the Gwadar Free Zone.
The HK Sun Corporation Ltd is sending the said consignment, which is made up of scrap metal. The cargo will be processed in the Gwadar Free Zone, which was developed as part of the China-Pakistan Economic Corridor (CPEC), and then exported from Pakistan.
The HK Sun Corporation was the first company in the free zone to start manufacturing and processing. Additional shipments of raw materials from the same business are on their way to Pakistan, where they will be used in the production of products that will be exported.
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The FBR claimed that the Gwadar Free Zone was now operational as a result of the consignment’s arrival and that this would lead to the establishment of other economic zones under the CPEC umbrella. Furthermore, the FBR stated that the free zone would improve China-Pakistan industrial ties and referred to the zone as Gwadar’s economic growth engine, intending to transform the city into an international trade logistics hub under the CPEC.