September 26 2022
PESHAWAR, (APP – UrduPoint / Pakistan Point News – 26th Sep, 2022 ) :Pakistan Oxygen Limited (POL) has planned to set up a state-of-the-art plant in Rashakai Special Economic Zone of the premier China Pakistan Economic Corridor (CPEC) in Pakistan, said a press release issued here on Monday.
Pakistan Oxygen Limited is a public listed company, and a leading supplier of medical and industrial gases in Pakistan with a proud legacy of over 85 years.
They have 12 operational plants in Pakistan, and are now expanding their operations in Khyber Pakhtunkhwa.
Pakistan Oxygen Limited has planned to invest around USD 15 million in this project, which is expected to be operationalized by the end 2023.
This project will open new avenues for direct and indirect employment and training of local skilled and unskilled resources. In pursuance of same, CEO Pakistan Oxygen Limited, and RSEZDOC (CRBC) has signed Allotment Agreement and Renewable Energy Electric Supply Agreement.
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.