Federal Minister Asad Umar expressed satisfaction with the progress of the zone based on the Public-Private Partnership model
The Rashakai Special Economic Zone under China Pakistan Economic Corridor (CPEC) has gained considerable attention from investors as over 2000 have shown interest in setting up their units in the zone. Asad Umar, the Minister for Planning, Development, and Special Initiatives attended a meeting that highlighted progress on the project.
Umar acknowledged the work done by the Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC) and the development to setup Rashakai as the first SEZ in Public-Private Partnership (PPP) model.
Umar also directed local authorities to complete their tasks related to the projects within the stipulated timeframe. He was apprised that 10MW electricity is available for Rashakai SEZ while the transmission line for another 160 MW is under construction and will be completed by November this year.
The meeting was also informed that a Steel Plant is under the first phase of construction with an investment of 79 million dollars at the Rashakai SEZ. Once completed, it will be able to produce 500,000 tons of Construction steel.
CRBC, BOI officials meet
China Road and Bridge Corporation (CRBC) Vice President Sun Yaoguo and his delegation met with Atif Bokhari, the Chairman Board of Investment (BOI) at his office. The two sides discussed a number of matters of importance including development progress and marketing plans for Rashakai Special Economic Zone.
Bokhari also praised CRBC’s “impressive work” in the Rashakai SEZ. He noted that the marketing efforts by Sun were bearing fruit as the investors learned more about the SEZ. Rashakai SEZ is the flagship project of CPEC which will further strengthen industrial cooperation between Pakistan and China.
A major industrial zone
This is the first major industrial zone under the CPEC. Located near Nowshera, it will occupy a space of 1000 acres. It will be completed in three phases. It is located at a mere five kilometers distance from the M1 Motorway and will be relatively close to the railway station, airport, and dry port.