Today would mark another great day in the history of Pak-China friendship as both the parties are set to sign the Rashakai SEZ Deal. This is set to be a special Economic Zone under the umbrella of China-Pakistan Economic Corridor (CPEC). The event leading up to the deal is set to be held at the Prime Minister House later today.
Sharing his views on the new deal Minister of State and Board of Investment (BoI) Chairperson Atif Bokhari said that this agreement on the development of an economic corridor will help pave way for further economic zones helping lift the economy of the country in the future. He also added that such progress is already visible in the zones established under economic corridors and are already underway to initiate business. The close geographical proximity of China and Pakistan will also help ensure that this corridor yields maximum benefits for both parties.
Section-13 of the Special Economic Zones Act 2012, according to the Minister, ensures successful establishment of the SEZ by making sure that the federation as well as provincial governments along with the developers are jointly responsible for its functionality and success.
This will be a collaboration of a public-private nature between Khyber-Pakhtunkhwa (K-P) Economic Zone Development and Management Company (KPEZDMC) along with China Road and Bridge Corporation.
The project stands at $128 million, at a stretch of 1000 acres land and was established as SEZ on August 6, 2019. The federal government has vouched to invest Rs1.8 billion for procuring 210 megawatts of electricity, and Rs1.2 billion for the providing 30 mmcfd gas from the federal PSDP.