BEIJING, Jul 27 (APP): In a major development, exports have been set in motion for the first time in Gwadar Free Zone under the backdrop of exemption from all sorts of taxes and customs duties in the Free Zone for a period of 20 years.
Along with exports to foreign countries, Gwadar Free Zone (GFZ, both South and North) have also kick-started supplying trade articles and manufacturing items for the local market of Pakistan.
” Both phenomenal steps aligned with E-Custom (Web-based one custom WeBOC) system aim to help Pakistan realize its dream to become a high-performing export-oriented country in the international trading landscape, ” China Economic Net (CEN) reported.
Agvon, an enterprise incorporated in Gwadar North Free Zone that deals in fertilizer import and processing claims to export 20,000 tons of potassium sulphate to Pakistani and international markets.
It is expected to start its production facility by the start of next year.
For this purpose, Agvon has already acquired 10 acres of land and the manufacturing setup is under construction.
Moreover, another industry operating in GFZ, HK Sun Corporation will export its consignment to the tariff area in Pakistan.
” As per this module, functionalities pertaining to import and export from Gwadar and vice versa that have been introduced include import from abroad to GFZ through transhipment via both Karachi and Gwadar Port, export to tariff area and abroad from GFZ. Additional modalities are expected to be introduced in the coming week as stated by a document of Pakistan Customs,” says a GFZ official.
He said that export from GFZ to tariff area and abroad and vice versa through WeBOC would provide an impetus to the industrialization drive and enhance commercial activities in Gwadar and the region.
” It will accelerate logistic services as well,” he added.
Gwadar Port and Gwadar Free Zone are two different entities with different functionalities.
Before Gwadar Free Zone is operationalized for exports, Gwadar Port initiated process for exports on December 15, 2019. Then a vessel, carrying three fish containers worth $50,000 each, for a Far-Eastern country started the seafood exports through Gwadar port.