Chinese company lays foundation at Rashakai SEZ

ISLAMABAD – CPEC Authority chairman Lieutenant General (retd) Asim Saleem Bajwa along with Chinese Ambassador Nong Rong visited Rashakai Special Economic Zone (SEZ).

Bajwa in a tweet said, “SEZ progressing well, provision of amenities, including power, gas, access road, security wall as per envisaged timelines”.

He added that first Chinese industry had laid its foundations in the Rashakai economic zone.

The SEZ Committee of Rashakai Special Economic Zone earlier this year allocated 40 acres of land to Century Steel Ltd owned by Fuzhou Julitaihe Inter¬national Company of China with a planned investment of $50 million.

The Rashakai SEZ comes under the multi-billion dollar CPEC project and is the first industrial cooperation project between both countries.

The SEZ will create 200,000 direct and indirect jobs and is expected to attract Rs347 billion of investment.

The project by the Chinese iron industry is expected to produce 0.25 million tonnes of steel products per annum while it will help creating around 1,000 direct and indirect jobs.

In January, the Board of Investment (BoI) said 10MW of electricity had already been arranged through 11kV feeder at the Rashakai zone, while work was underway for the 160MW, 132 kV grid station.

The Rashkai SEZ is termed as game-changer for the Khyber Pakhtunkhwa due to its proximity to the Torkham border and Central Asia.