June 16 2022
ISLAMABAD (Dunya News) – Prime Minister Muhammad Shehbaz Sharif Wednesday directed the authorities concerned to ensure strict compliance of timelines of the projects being executed in the Special Economic Zone of Rashakai.
The prime minister, chairing a review meeting on Rashakai SEZ, also called for addressing the shortcomings including the coordination among the provinces.
He also instructed for extending all out support to the Chinese company to accelerate work on the SEZ.
The prime minister, who also took a round of the Zone, said industrial development and revenue increase required joint efforts, for Pakistan’s progress and prosperity.
The prime minister, inviting the Chinese companies to invest in Pakistan, said the companies from both the countries could benefit from each other’s expertise.
The development of SEZs in smaller provinces is government’s priority, he added.
The meeting was told that Rashakai SEZ was being developed under public private partnership mode, with the collaboration between Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDEMC) and CRBC of China, through Rashakai Special Economic Zone Development and Operations Company.
In this company, KPEZDEMC had 9 percent shares while CRBC has 91 percent shares with the latter being the responsible for its operations.
Under this SEZ, the sectors including light engineering, automotive, construction, food processing and exports had been targeted which would create job opportunities for the locals as well as the economic activities.
It was told that work on water, gas and civil works were nearing completion.
The construction of two industrial units was underway in Rashakai SEZ while work on more units would be launched soon.
The Sui Northern Gas Pipeline has ensured gas supply to the Zone while National Transmission and Dispatch Company was installing a grid station for power transmission to the area.
The meeting was attended by federal ministers Ahsan Iqbal, Asad Muhammad, Sajid Turi, Advisor Amir Muqam and Chrage d’Affaires of the Chinese Embassy in Islamabad.
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.