Chinese firm to invest $360 million in Rashakai special economic zone

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Century Steel (Pvt) Ltd, a Chinese company will invest $360 million in the Rashakai Special Economic Zone in Khyber Pakhtunkhwa under CPEC.

CPEC Project Director Dr. Liaquat Ali Shah said that all the utility facilities including electricity, gas, water, and others for Rashakai Special Economic Zone would be completed by the end of 2021.

He said that in the first phase, the Chinese iron and steel conglomerate became the first foreign enterprise to establish its plant in the Rashakai Special Economic Zone under the CPEC with a planned investment of $50 million. He said that industrial relocation to Pakistan under the CPEC is our policy and other foreign companies are ready to invest in Pakistan.

China-Pakistan Economic Corridor is a framework of regional connectivity. CPEC will not only benefit China and Pakistan but will have a positive impact on Iran, Afghanistan, India, the Central Asian Republic, and the region.

The CPEC project director said that 40 acres of land has been allocated to Century Steel Ltd owned by Fuzhou Julitaihe Inter­national Company of China in Rashakai SEZ. Due to its location on the motorway and proximity to the Torkham border and Central Asia, the Rashakai SEZ is expected to be the game-changer not just for Khyber-Pakhtunkhwa but the whole region.

The project director also said that the 1,000-acre zone will create 200,000 direct and indirect jobs and is expected to attract Rs347 billion in investment.

China-Pakistan Economic Corridor (CPEC), a massive bilateral project to improve infrastructure within Pakistan for better trade with China and to further integrate the countries of the region.

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