Islamabad: The Board of Investment (BoI) on Tuesday stated that the completion of the Rashakai Special Economic Zone (SEZ) will bring foreign investment and will provide facilities to foreign investors, according to a news story published on Wednesday (April 6).
The BoI mentioned that Rashakai Zone will pave the way for a new era of industrial development in the country. According to an official (whose name was not disclosed), BOI has signed a quad-partite development agreement for the development of the first China-Pakistan Economic Corridor (CPEC) SEZ in Khyber Pakhtunkhwa and transforming it into a true economic corridor.
Reportedly, the Rashakai SEZ will be developed in collaboration with a state-owned Chinese company. He added that PKR 19.9 billion has been reserved under Public Sector Development Programme (PSDP) for the provision of utilities in all SEZs over the 5 years. It is important to note that a total of 285 enterprises will have a presence in all the SEZs. He shared that 84% of the industrial area has been reserved for SEZs, and 46% of the investment has been attracted, out of which 50% is Foreign Direct Investment (FDI).
So far, the federal government has exempted PKR 49.39 billion of taxes and customs duties on the import of plants and machinery for establishing units in the special zones.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
