Work on Rashakai SEZ to start next month

$130 million will be invested in the special economic zone

ISLAMABAD: Work on the Rashakai Special Economic Zone –one of the China-Pakistan Economic Corridor (CPEC) projects – will be started next month.

A sum of $130 million will be invested in the economic zone.

The concession agreement for the project has been finalised and will be provided to the company concerned. K-P Chief Minister Mahmood Khan has ordered that the agreement be presented before the provincial cabinet meeting for discussion and approval.

According to sources, the Rashakai Special Economic Zone is the geographical centre of the entire province and will connect the region economically.

It will create employment opportunities and generate economic activity.

According to Board of Investment Chairman Haroon Sharif, the Rashakai Special Economic Zone had strategic significance because it is closer to Afghanistan and Central Asian countries.

The K-P chief minister said the Rashakai Special Economic Zone was set to become the centre of manufacturing and production in the province and the region in the future.

“The Rashakai Special Economic Zone will emerge as the most suitable economic centre of the province and region. We have already announced special concessions for investment and industrialisation formally approved by the provincial cabinet,” he added.

Mahmood said that under the industrial policy, implementation would be carried out between the mutual understanding of China and Pakistan. However, the overall legal frame and requirements should be taken care of. The economic development will spell out the overall prosperity adding that his government would bring the newly merged districts to the national mainstream of development and resources would be provided which would be utilised transparently.

The Rashakai Special Economic Zone, less than 50 km from the planned CPEC railway as well as Peshawar, will be spread over an area of 4.04 square km.

Last month, K-P adviser Abdul Karim said the provincial government had helped bring in some Rs10.5 billion as investment in the industrial sector of the province creating thousands of jobs.

Noting that the provincial government is keen to facilitate local and foreign investors, he said that they had introduced an investment-friendly policy. This, he said, had helped attract investors to the cement, fertiliser and garment sectors.