As a priority project of industrial and park cooperation within the framework of China Pakistan Economic Corridor (CPEC), the Rashakai Special Economic Zone (RSEZ) has been highly valued by the governments of the two countries.
A promotion conference of RSEZ as part of the Shanghai Cooperation Organization Demonstration Area (SCODA) “sister cities corporation to create future together” series was held both online and offline today.
The undertaking company China Road & Bridge Cooperation (CRBC) is responsible for the planning, investment, financing, construction, investment, and operation of RSEZ.
A full presentation of Pakistan’s investment opportunities and industrial park advantages was given by Ms Wang Lu, Director of Operations, Industrial Park Project, Investment Department, CRBC on the occasion, China Economic Net (CEN) reported.
She mentioned that there are huge investment opportunities in Pakistan’s mining, agricultural products processing, household building materials, textiles, small commodities, chemical products, automobiles, tobacco, leather, and other industries.
The total planning area of the project is 406.74 hectares, which is divided into three phases, with a total investment of US $128 million and a land-use term of 99 years. The construction period of the first phase of 100 hectares is 2 years. Up to now, 30% of the land area has been sold. The opening ceremony of the first phase was held in May.
So far the two-way four-lane approach road has been completed and the 4G signal tower has been put into service.
Badar uz Zaman, Commercial Counselor of the Pakistani Embassy in Beijing, and Hassan Daud Butt, CEO, KP-BoIT hold high expectations on the development of the RSEZ by the video messages.
CPEC has been defined as one of the priority areas in Budget 2021-22.
Rs 7 billion have been earmarked to expedite development of CPEC-led Special Economic Zones.
• Allama Iqbal Industrial City SEZ
• Dhabeji SEZ
• Rashakai SEZ
• Bostan SEZ#CPECMakingProgress pic.twitter.com/OjZAO5rz46
— CPEC Official (@CPECOfficials) June 12, 2021
They also hail the preferential policies for entering the SEZ which includes one-time exemption from import duty on all machinery and equipment, exemption of income tax for 10 years after putting into production, 100% equity owned by foreign investors, etc.
According to Xiang Zhiqiang, member of the Party Working Committee and Deputy Director of the Management Committee of SCODA, SCO countries have invested in 361 projects in Qingdao, with the actual use of foreign capital of US$ 238 million.
Qingdao has 155 investment projects with a total investment of US$ 2.01 billion from SCO countries. In 2020, SCODA introduced 28 demonstrative and leading projects. He hoped the interaction between Pakistan and SCODA can be further strengthened.
The conference was co-organized by SCODA, Pakistan China Center (PCC), and CRBC to promote exchanges and cooperation between China and Pakistan in economic, trade, and industrial development, and build a dynamic platform.
It is learned that the above three parties had signed a memorandum of cooperation to promote cooperation in industry and production capacity between China and Pakistan.
Wang Zihai, Executive Director of PCC stated that a conference on a larger scale would be held in August by the three parties to assist Chinese enterprises to enter Pakistan.