Gwadar Free Zine To Begin Exports Next Year
Faizan Hashmi Published July 27, 2022 | 04:00 PM
BEIJING, (UrduPoint / Pakistan Point News - 27th Jul, 2022 ) :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 custom 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 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 transshipment 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 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.
Related Topics
Recent Stories
SIU arrests robbery gang targeting bank customers
Asia Cricket Week from April 28
PSA World C'ships in May
Food Safety Authority raids hospitals' canteen across KP
US Fed's favored inflation measure accelerates in March
Kenya flood death toll since March climbs to 70: govt
Rafiq-ul-Hujajj Committee to organize 2nd training session for pilgrims in Abbot ..
Defence Minister leads Pakistan's delegation to Kazakhstan SCO moot
PRCS Chairman, Moroccan envoy discuss humanitarian relations
50pc cut in subsidy of BRT service likely: CM’s aide
Russia striking Ukraine railways to 'paralyse' army cargo: Ukraine source
Cop, suspected outlaw injured in police encounter
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
8 hours ago -
Kite Flying: From cultural festival to deadly sport
8 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
3 days ago -
Iranian president Raisi given guard of honour at PM House
4 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago
-
Cattle farming vital to alleviate poverty in rural areas
5 days ago -
Pakistan: A land of tourism, archeological wonders
5 days ago -
Transforming education sector: from job hunters to job creators
7 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
11 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
12 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
12 days ago