Islamabad: China Pakistan Economic Corridor (CPEC) Project Director Dr Liaquat Ali Shah on Wednesday announced that a Chinese company called Century Steel (Pvt) Ltd has decided to set up a steel plant in the Rashakai Special Economic Zone (SEZ) with an investment of USD 360 million, according to news sources.
Under this initiative, 40 acres of land has been allotted to Century Steel Ltd to establish the steel plant. The project director stated that all the utility provisions such as water, gas, and electricity will be completed by the end of the current year.
Since the Rashakai SEZ falls under the umbrella of CPEC, it was the first industrial cooperation project between the two countries. Mr Shah went on to say that the 1,000-acre zone is expected to create 200,000 job opportunities and will attract an investment of PKR 347 billion.
During the first phase, the Chinese iron and steel company was the first foreign enterprise to set up its plant in the Rashakai SEZ, with an investment of USD 50 million.
As per the statement by the Board of Investment (BoI), the proposed steel plant will have the capacity to produce 0.25 million tonnes of products per annum and will generate 1,000 jobs. Since it is located on the motorway and has close proximity to the Torkham border and Central Asia, the SEZ will be a game-changer for Khyber Pakhtunkhwa (KP).
While talking to the media about other projects under CPEC, the director informed that the first phase of the Faisalabad Special Economic Zone and the Allama Iqbal Industrial City had been completed. Moreover, he revealed that the development work was in progress on the Dhabeji Special Economic Zone in Thatta and the Bostan Industrial Zone, Pishin district, Balochistan. The provision of utility facilities will be completed by the year-end.
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.
