PESHAWAR: Khyber Pakhtunkhwa Chief Minister Mohammad Azam Khan on Friday inaugurated Phase I of the Rashakai Special Economic Zone marking a significant milestone in the development of the China-Pakistan Economic Corridor.
The ceremony was attended by the secretary of the Federal Board of Investment, provincial chief secretary, CRBC general manager, CEO of the KPEZDMC and other dignitaries.
The zone strategically located at the nexus of economic growth stands as a testament to the strong partnership between Pakistan and China, according to officials.
They said the CPEC had become a symbol of friendship between the countries and a model for cooperation between developing countries.
The chief minister appreciated the “exceptional efforts and unwavering commitment of China Road and Bridge Corporation and Khyber Pakhtunkhwa Economic Zones Development and Management Company for successfully completing Phase I of the project six months before the deadline.”
He thanked the Chinese government, companies and public sector entities for their “unflinching support to the project as well as all those who contributed to the completion of Phase I of the Rashakai SEZ.”
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.
The officials said as the Rashakai SEZ would become a catalyst for regional prosperity, employment creation for the local population, and foreign direct investment, plans were in the works for the project’s second phase.
They said authorities were committed to “expanding infrastructure, streamlining business processes, attracting key industries and unlocking the SEZ’s full potential as part of the ongoing CPEC decade.”
Published in Dawn, July 22nd, 2023
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.