Rashakai SEZ to Serve as Role Model for Other SEZs to Follow

CPEC gave new hope and confidence to Pakistan, were the remarks of the Chairman Pakistan-China Institute in the seminar “Friends of Silk Road, CPEC: The Second Phase” held in Islamabad on September 29, 2019. Talking about Special Economic Zones, Senator Mushahid Hussain Sayed said, China Road and Bridge Corporation (CRBC) is going to build the Rashakai Economic Zone in Nowshera, Khyber Pakhtunkhwa. CEO KP Board of Investment, Hassan Daud Butt said in his briefing that by 2026, Pakistan would have 11,000 Megawatts of energy through CPEC projects which would cater to the future industrial growth’s energy needs. Pakistan is ranked among 20 top-performing countries in ease of doing business and part of the reason behind is that with the expansion of industrial cooperation under CPEC, Pakistan had to open the markets for international investments, he maintained. In the Ministry of Planning’s Joint Working Group (JWG) meeting, it was decided that Rashakai SEZ would be demonstrated as a manifestation of SEZs in upcoming Belt and Road Forum, Daud Butt apprised.

Executive Director General, Board of Investment, Fareena Mazhar in his speech said, the government has prioritised three SEZs among the thirteen others, namely Dhabeji, Rashakai and Allama Iqbal Industrial City, which would be facilitated. She informed that feasibilities studies for these three zones are carried out, and Minister of Planning has given the go-ahead. She also told about the CPEC centre established in BoI to facilitate and assist Chinese companies in finding a suitable business and investment environment in Pakistan. Ms Mazhar clarified that SEZs are open for investors from all across the world and are not limited to Chinese investors. However, preference is given to China as they are relocating their industries, she added.

On this occasion, General Manager CRBC spoke about the significance of Rashakai SEZ being the first industrial project implemented under the CPEC framework. Rashakai SEZ will be developed as a comprehensive industrial zone relaying on the local resources and market, he commented. Several Chinese and Pakistani enterprises have presently shown deep interest in Rashakai SEZ as it will add to the high-quality development of Pakistan, General Manager CRBC observed.

Federal Minister of Planning, Development and Reforms, Makhdoom Khusro Bakhtiar, Guest of Honour of the evening recounted that CRBC’s parent company has built Karakoram highway, which was an engineering marvel of its times and now CRBC has taken the initiative to develop Rashakai SEZ. Minister was hopeful that concession agreement would be reached and expected that the development agreement to be signed soon. He reported that Rs 20 billion allocated for the provision of utilities to SEZs under the PDSP FY 2018-19.