ISLAMABAD – The Rashakai prioritized Special Economic Zone (pSEZ), a flagship project of the China-Pakistan Economic Corridor (CPEC), is set to have Rs470.78 million investment as Steller, a Pakistani solar manufacturing enterprise, has launched a mega project at the economic zone.
It was approved during the 8th SE Committee meeting of Rashakai pSEZ, Gwadar Pro reported.
The committee comprised representatives from the Board of Investment Pakistan (BOI), Rashakai Special Economic Zone Development and Operations Company (RSEZDOC), Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC), Khyber Pakhtunkhwa Special Economic Zone Authority (KP-SEZA), Deputy Commissioner Nowshera, and Khyber Pakhtunkhwa Board of Investment & Trade (KP-BOIT).
“After completion of formalities, the enterprise will be issued a formal letter of approval, entitling it to the fiscal benefits of SEZs,” according to an official statement from BOI.
According to the statement, in line with the government’s present- day vision to promote clean and sustainable energy solutions, BOI actively encourages and facilitates investments in the solar panel manufacturing sector.
This strategic focus not only contributes to environmental sustainability but also enhances longterm revenue generation for the government.
BOI, as the secretariat of the SEZs, will provide all-out facilitation to enable the new enterprise to commence its construction activities within 6 months and commence production within 24 months of their approval.
Rashakai pSEZ, located in Nowshera KP, is spread over an area of approximately 1,000 acres of land. The zone holds the potential of US$ 4 billion in investments. Upon its completion, Rashakai pSEZ is expected to provide 200,000 direct and indirect employment opportunities for locals.
Published in The Nation on April 19, 2024.
Rashakai pSEZ, located in Nowshera KP, is spread over an area of approximately 1,000 acres of land. The zone holds the potential of US$ 4 billion in investments. Upon its completion, Rashakai pSEZ is expected to provide 200,000 direct and indirect employment opportunities for locals.
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.