On April 7, 2021, Pakistan Customs cleared the first import-export consignment by M/s HK Sun Corporation Limited in Gwadar Free Zone.
Metal scrap consignment was cleared by the customs, it will then be processed by the Chinese company at Gwadar Free Zone, to be exported gain from Pakistan.
M/s HK Sun Corporation Limited is among the first companies to use the Gwadar Free Zone (GFZ) and enjoy the facilities and advantages GFZ offers to foreign investors.
There are many incentives offered by GFZ. Foreign companies that chose to work in GFC are offered a 23-year-tax holiday, they also enjoy a 100 % exemption on customs duties for construction and operation. It is also easier for them to operate in Gwadar thanks to fast-track procedures and flexible visa regulations.
The development of GFZ is conducted by China Overseas Ports Holding Company (COPHC).
According to the China Pakistan Economic Corridor strategy, Gwadar is to become a major hub for trade between Pakistan and the world. Gwadar is still a developing city, but with the GFZ, more foreign companies will invest and operate in Gwadar.