PESHAWAR: The Khyber Pakhtunkhwa government has established the Rashakai Special Economic Zone Development and Operation Company (RSEZDOC) to develop, market, manage and operate the flagship project of the Rashakai Economic Zone.
A special purpose vehicle company has been registered with the Security and Exchange Commission of Pakistan (SECP) having five directors. China Road Bridge Corporation (CRBC) has nominated four directors out of five while one director will represent KPEZDMC.
Moving towards rapid industrialization in the province, one Chinese state-owned, Century steel company has been allotted 40 acres of land for steel production. The Chinese company has already started the building of infrastructure at Rashakai. The daily production of Century Steel will be 4,000 tons.
According to data available with this scribe, over 1,700 applications for industrial plots have been submitted by investors including Chinese and Pakistanis. However no quota has been fixed to entertain or facilitates local or foreign investors, however, as agreed, preference would be given to the investors who will bring in the high-tech industry, export-oriented industry, and enhanced import substitution.
Moreover, joint ventures, specifically between Pakistani and foreign investors, will be facilitated to ensure the transfer of technology. Chief Minister Mahmood Khan told this correspondent that the Rashakai Special Economic Zone is a flagship project of PTI under the CPEC initiative and ready for inauguration.
Prime Minister Imran Khan would inaugurate the Rashakai Special Economic Zone (SEZ) soon. It was delayed due to the Covide-19 pandemic but hopefully, things will be settled in the coming days.
"The Rashakai SEZ is the first step flagship project towards the province's sustainable development, which will create 200,000 employment opportunities and boost economic activities on a large scale," he said.
Chief Executive Officer of Khyber Pakhtunkhwa Economic Zone Development and Management Company (KPEZDMC) Javed Iqbal Khattak while exclusively talking to Jang said all is set for the formal launching of the flagship industrial project of Khyber Pakhtunkhwa government under the CPEC framework in partnership with China Road and Bridge Corporation (CRBC) in the PPP model.
He said two Chinese companies have already completed all the required agreements and one has been allotted plot for steel production. One steel company Century Steel company has already started development work on the site.
Javed Khattak said Rashakai Special Economic Zone consists of 1000 acres and the leasable area is 778 acres out of which 702 acres are for industrial plots. The commercial area will be developed on 76 acres. A Green area, recreation center, and flats for laborers will be constructed within the zone.
The project will host state of the art infrastructure and modern amenities including a combined effluent treatment plant, industrial sheds, a smart security system, and one window facility.
He said 210 MWs of electricity provision for Rashakai SEZ has already been approved by the Federal Government. At present, 10 MWs interim arrangement, out of a total of 210 MWs, has been made available at the site for developmental works and early investors.
CEO said 30 MMCFD gas provision has also been approved by the Federal Government. Infrastructural works have been initiated and gas will be made available for industries in the stipulated timeframe.
He further said the Economic Impact Study carried out on Rashakai SEZ highlights the potential game-changing impact of this project on local and regional economies. The project itself reflects an investment of USD 1.63 billion that has a significant foreign investment component of approximately USD 494 million.
n the coming years, the project is expected to have an aggregated income impact of USD 29 billion on the local economy. More importantly, approximately 50,000 direct and 150,000 indirect new jobs will be created from its establishment. Overall, Rashakai SEZ will contribute approximately 2.30% to Provincial GDP.
He said that in order to protect local industries, only exported and imported goods would be produced from Rashkai, which would discourage imports and generate foreign exchange from exports.
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