Concession Agreement for Rashakai SEZ to be presented to Provincial Cabinet, groundbreaking to be arranged next month
Under the second phase of CPEC, groundbreaking of Rashakai Special Economic Zone to be held on November 2019. Rashakai SEZ is expected to receive an investment of $130 million. K-P Chief Minister Mahmood Khan directed to present the finalise concession agreement for the project, to the provincial cabinet for discussion and authorisation. Chairman Board of Investment, Haroon Sharif maintained that Rashakai SEZ is strategically significant as compared to her other contenders since it is adjacent to the Afghan border and near the Central Asian states. It would make K-P focal point of industry and production in the region in the future. Location opted for Rashakai SEZ is less than 50 km far from ongoing CPEC railway project.
ISLAMABAD: Work on the Rashakai Special Economic Zone-one of the China-Pakistan Economic Corridor (CPEC) projects – will be started next month.
A sum of $130 million will be invested in the economic zone.
The concession agreement for the project has been finalised and will be provided to the company concerned. K-P Chief Minister Mahmood Khan has ordered that the agreement be presented before the provincial cabinet meeting for discussion and approval.
According to sources, the Rashakai Special Economic Zone is the geographical centre of the entire province and will connect the region economically.
It will create employment opportunities and generate economic activity.
According to Board of Investment Chairman Haroon Sharif, the Rashakai Special Economic Zone had strategic significance because it is closer to Afghanistan and Central Asian countries.
The K-P chief minister said the Rashakai Special Economic Zone was set to become the centre of manufacturing and production in the province and the region in the future.
“The Rashakai Special Economic Zone will emerge as the most suitable economic centre of the province and region. We have already announced special concessions for investment and industrialisation formally approved by the provincial cabinet,” he added.
Mahmood said that under the industrial policy, implementation would be carried out between the mutual understanding of China and Pakistan. However, the overall legal frame and requirements should be taken care of. The economic development will spell out the overall prosperity adding that his government would bring the newly merged districts to the national mainstream of development and resources would be provided which would be utilised transparently.
The Rashakai Special Economic Zone, less than 50 km from the planned CPEC railway as well as Peshawar, will be spread over an area of 4.04 square km.
Last month, K-P adviser Abdul Karim said the provincial government had helped bring in some Rs10.5 billion as investment in the industrial sector of the province creating thousands of jobs.
Noting that the provincial government is keen to facilitate local and foreign investors, he said that they had introduced an investment-friendly policy. This, he said, had helped attract investors to the cement, fertiliser and garment sectors.
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