STEEL PLANT IN PAKISTAN
A Chinese iron and steel conglomerate has become the first foreign enterprise to establish its plant in the Rashakai Special Economic Zone under CPEC with a planned investment of $50 million.
The SEZ Committee of Rashakai Special Economic Zone at its meeting on Friday allocated 40 acres to Century Steel Ltd. The project is under Fuzhou Julitaihe International Company of China. It owns steel mills in Indonesia, Myanmar, Cambodia and Ethiopia with a net capacity of 3,000 million tonnes of iron and steel products.
The Board of Investment (BoI) in a press release stated the Chinese company has mobilized its engineers and staff who have started setting up a site office. Thus, to execute the plant establishment quickly.
The Rashakai SEZ comes under the CPEC umbrella. Moreover, it is the first industrial cooperation project between China and Pakistan. The 1,000-acre zone will create 200,000 direct and indirect jobs. In addition authorities expect to attract Rs347 billion of investment.
This project has the capacity to produce 0.25 million tones of steel products per annum at the proposed plant in Rashakai. The project will consume 45MW of electricity and create job opportunities for 1,000 employees directly or indirectly.
The BoI said 10MW of electricity at the economic zone had already been arranged through 11kV feeder. Whereas, work was in progress on the 160MW, 132 kV grid station. Due to its location on the motorway and proximity to the Torkham border and Central Asia. Authorities expect the Rashakai SEZ will be the game-changer for Khyber Pakhtunkhwa.
RASHAKAI ECONOMIC ZONE-M1 NOWSHERA
Rashakai Special Economic Zone (REZ) is located near M-1 Nowshera. It is established in Khyber Pakhtunkhwa (KP). developers will develop the 1000 acres land of REZ in three phases. The total area designated for Industrial use is 702 acres. As per Federal SEZA Regulations, they will develop 159 acres will be in Phase I. Moreover, 279 acres in phase II. Subsequently, 264 acres in Phase III. For commercial use, authorities have allocated an area of 76 acres.
An access road (3.2 km) from Wali Interchange to SEZ zero point is under construction (Phase-I). Moreover, REZ connects all provinces of Pakistan through Airport (at a distance of 65 KM from REZ), Dry Port (65 KM), Railway station (25 KM), Motorway, highway (5 KM) and city center (15 KM). In addition, based on the strengths of the connected districts and resource pool. Hence, the economic zone has predominant investment feasibility for industries in fruit & food processing/packaging and textile.
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