The CPEC Special Economic Zone (SEZ) is a productive strategy to promote trade, employment, and economic growth in a county. This is an area where business and trade rules are different from the rest of the country.
CPEC’s first special economic zone project is Rashakai economic zone. The first Steel Unit of the Special Economic Zone (SEZ) of CPEC Rashakai is under development and will soon import its plant and machinery.
This was reported at a meeting held here to review progress in the development of Rashakai SEZ under the China Pakistan Economic Corridor Framework (CPEC) on Friday.
The meeting was chaired by the Minister of Planning, Development, and Special Initiatives Asad Umar and was attended by the President of the CPEC Authority, Representatives of the Khyber Pakhtunkhwa Board of Investment (BOI), and senior officials from the federal and provincial governments.
The meeting was informed that, in the first phase, investors planned to set up their first unit with an investment of US $ 79 million to produce 500 thousand tons of steel for construction.
In the second phase, investors intend to set up their second Industrial Steel production unit with an investment of US $ 77 million.
The meeting was held to inform about the progress of work in the SEZ, especially about the supply of gas and electricity to the Zone.
However, 10 MW of electricity is available for Rashakai SEZ while the transmission line for another 160 MW is under construction and will be completed in November 2021.
SNGPL officials also said work to deliver 30 MMCFD gas to the Rashakai SEZ was ongoing and would be completed by the end of December.
FBR and BOI agents reported that all incentives under the SEZ Law are available to potential investors in the Zone.
The Minister instructed the relevant Ministries to ensure that their respective tasks were completed on time. He also directed the Planning Division to monitor the implementation of the various SEZ-related activities.