Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC) has signed the concessional agreement with China Road and Bridge Corporation (CRBC) for development of the Rashakai Special Economic Zone.
KPEZDMC Chief Executive Officer Saeed Ahmad signed the agreement in China with CRBC Chairperson Lu Shan in the presence of Prime Minister Imran Khan and Chinese Premier Li Keiqiang.
The ground breaking of the Rashakai Special Economic Zone expected soon is to be attended by PM Khan and senior officials of China, said a statement issued by KPEZDMC.
In the MoUs signed in the KP-China Roadshow in April last year, the KP government signed the concessional agreement with the CRBC to develop the 1000 acre Rashakai Special Economic Zone during PM Khan visit to China.
The Rashakai SEZ is a key milestone and the first project for implementation of industrial cooperation under CPEC.
CRBC, in a joint venture with KPEZDMC, plans to develop 1,000 acres of land as a Special Economic Zone at Rashakai.
CRBC will market the zone to local and foreign investors. It will have pharmaceutical, textile, food and beverages, steel and various engineering-related industries.
This initiative by the KP government will provide direct and indirect job opportunities to 200,000 locals of the region once the zone is fully colonised.
Investment worth billions is expected by industrialists from Pakistan and abroad. Online applications for the Rashakai Special Economic Zone are open and applications for hundreds of acres have already been received.
A formal ground breaking ceremony will be held soon which will be attended by PM Khan.
KPEZDMC’s Saeed Ahmed said “This is a major achievement by KPEZDMC and a game changer for the people of the region. The project will bring prosperity not only to KP, but also will be a major hub for tax revenue collection and exports contributing to the national economy.”