Investors plan USD 79MN investment for unit-steel plant in Rashakai SEZ

ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 26th Mar, 2021 ) :The first Unit-Steel Plant in the CPEC Rashakai Special Economic Zone (SEZ) is under construction and would be soon importing its plant and machinery.

This was informed in a meeting held here to review the progress on the development of Rashakai SEZ under China Pakistan Economic Corridor (CPEC) Framework on Friday.

The meeting was presided over by Minister for Planning, Development and Special Initiatives Asad Umar and was attended by Chairman CPEC Authority, Representatives from Khyber Pakhtunkhwa Noard of Investment (BOI) and senior officials of the Federal and provincial governments.

The meeting was informed that in the first phase, the investors planned to set up their first unit with an investment of US $ 79 million to produce 500,000 tons of Rebar/ Construction steel.

In the second phase, the investors intend to set up their second unit for production of Industrial Steel with an investment of US $ 77 million.

The meeting was apprised of the progress of work in SEZ, especially regarding supply of gas and electricity to the Zone.

It was informed that 10 MW electricity is available for Rashakai SEZ while the transmission line for another 160 MW is under construction and will be completed by November 2021.

A further addition is also planned for 2022. SNGPL representatives informed that work on the Gas supply of 30 MMCFD to Rashakai SEZ is underway and scheduled to be completed by the end of December.

Representatives from FBR and BOI informed that all the incentives under the SEZ Act are available to the potential investors in the Zone.

Minister directed the relevant Ministries to ensure completion of their respective task within timelines. He also directed Planning Division to carry out implementation monitoring of the various activities related to the SEZs.