Companies operating within the Gwadar Free Zones can now conduct trade transactions with the rest of Pakistan in Pakistani rupees (PKR) according to the recently passed federal budget 2024-25. This shift from US dollars (USD) is expected to shield businesses from currency fluctuations.
Previously, all trade between the Gwadar Free Zones considered a special economic zone, and the rest of Pakistan, known as the tariff area, had to be conducted in USD. This move to PKR is seen as a positive step, offering greater stability and predictability for businesses.
The Gwadar Free Zones are already witnessing positive developments. Two export-oriented companies, Agven, a fertilizer exporter, and Hanging Agricultural Industrial Park, have commenced operations within the North Free Zone.
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Furthermore, agreements have been reached for a lubrication oil firm and a textile company to establish plants in the zone. These developments hold the potential to create tens of thousands of job opportunities for the local population.
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