May 23 2022
ISLAMABAD, May 23, (Gwadar Pro)- “Chinese investors will soon start investing in Khyber Pakhtunkhwa, especially in the Rashakai Special Economic Zone (SEZ), a new era of economic growth and prosperity will begin.”
This was said by CEO of Khyber Pakhtunkhwa Board of Investment & Trade Hassan Dawood Butt, during a function held at China Window on the occasion of the 71st anniversary of Pak-China diplomatic relations.
He expressed confidence that this friendship would be further strengthened in the future.
While addressing the function, the guests highlighted the importance of Pak-China friendship and cut a cake to mark the occasion. A large number of people from different walks of life were present. The speakers said that China has always maintained friendship with Pakistan and sincerely helped Pakistan in providing technology, investment and in overcoming various crises.
The Commissioner of the Bannu Division, Arshad Khan, was the chief guest on the occasion. Provincial Secretary of Planning and Development, Shah Mehmood Khan, former Provincial Assembly member Dr. Muhammad Zakir Shah, minority leader Augustin Jacob and Deputy Director of Khyber Pakhtunkhwa Youth Department Jawad Khan were also present on the occasion.
The 2024 Chinese Spring Festival at Rashakai Special Economic Zone showcased international camaraderie and cultural exchange between Pakistan and China. The event highlighted the synergy between culture and commerce, envisioning a future of shared prosperity.
The officials said the project’s Phase I encompassed 247 acres of modern facilities designed to attract domestic and foreign investors promising to spur economic growth and job creation and thus, strengthening Sino-Pak cooperation and relations under the umbrella of the CPEC. They said Phase I housed 18 zone enterprises with seven being under construction mobilising an estimated investment of Rs85 billion.
Besides the investment of US $ 400 million, the KPEZDMC expects the generation of 250,000 to 300,000 direct and indirect employment, he said, adding that 80 percent of the labour force in the zone would be local, particularly natives to the area.
An official of the company said here on Tuesday that a collective investment of Rs 1.2 billion and employment generation of over 500 was expected from these companies. The SEZ committee has so far approved 18 enterprises, leasing out 68 acres with an investment figure of Rs79.2 billion.
The group, with 40 years of experience, intends to bring more innovative ideas and expertise from well-developed countries which will not only enhance and reshape the current market but also contribute to the Pakistani job market and will favourably impact import substitution, for not only demotic but for exports also.
Pakistan Oxygen Limited (POL) has planned to set up a state-of-the-art plant in Rashakai Special Economic Zone of the premier China PakistanEconomic Corridor (CPEC) in Pakistan, said a press release issued here on Monday.