A Chinese delegation led by Lv Yan, DGM CRBC China visited the Sarhad Chamber of Commerce and Industry (SCCI) and briefed the businessmen about the significance of the Rashakai Special Economic Zone.
SCCI Senior Vice- President Manzoor Elahi, Vice-President Junaid Altaf, Peng, Investment Manager, CRBC, Simon Lee, Abdullah Shehryar, Commercial Officers, CRBC, senior official from Khyber Pakhtunkhwa Economic Zones Development and Management Company Adil Salahuddin and Abdul Wasae Sahad were also present during the session.
Rashakai Special Economic Zone (REZ), located near M-1 Nowshera, is set to be established in Khyber Pakhtunkhwa (KP). The 1000 acres land of REZ will be developed in three phases. The total area designated for Industrial use is 702 acres and as per Federal SEZA Regulations, of which 159 acres will be developed in Phase I, 279 acres in phase II and subsequently 264 acres in Phase III.
It is being developed under a public-private partnership by the Khyber-Pakhtunkhwa (K-P) Economic Zone Development and Management Company (KPEZDMC) in collaboration with the China Road and Bridge Corporation.
A representative of the delegation highlighted the investment opportunities and incentives that are being offered to the investors there. This project is fully backed by the Chinese government and investors which is why the Rashakai SEZ is considered a high value SEZ compared to other economic zones under the CPEC, he added.
In a bid to attract foreign and local investment, this SEZ would offer state of the art infrastructure and top-tier amenities including a combined effluent treatment plant, a smart security system, industrial sheds and one window facility.
A green area, recreation center, and flats for laborers will also be established within REZ.
Being a part of the China Pakistan Economic Corridor’s cluster of projects, Rashakai SEZ is believed to go a long way towards attracting massive investment to the province and creating a large number of employment opportunities.
REZ is linked to 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). Based on the strengths of the connected districts and resource pool, the economic zone has predominant investment feasibility for industries in fruit & food processing/packaging and textiles.
Prime Minister Imran Khan believes that the country has entered the industrialization phase and the China-Pakistan Economic Corridor (CPEC) will help boost the industrial sector. Expediting the construction of SEZs can promote Pakistan’s industrialization and modernization, says the premier.
During the session, Sarhad Chamber of Commerce and Industry (SCCI) President Sherbaz Bilour called the China-Pakistan Economic Corridor (CPEC) project a glaring example of Pak-China friendship, which could foster economic prosperity and development besides transforming the destiny of the entire region.
Both sides agreed to launch a joint venture to encourage local investors to make investment in potential sectors in the Rashakai zone.