Development deal of CPEC's Rashakai Economic Zone to be signed by Pakistan, China tomorrow

ISLAMABAD: A deal pertaining to the development of the Rashakai Special Economic Zone (REZ), a project under the China-Pakistan Economic Corridor (CPEC), is set to be signed between the two countries on Monday at a ceremony in the Prime Minister House.

Federal ministers, representatives from various ministries, Khyber Pakhtunkhwa officials, and different stakeholders are set to be part of the event.

The REZ will pave the way for the establishment of new zones, Board of Investment (BoI) Chairperson Atif R Bokhari said.

Such "economic zones will lead to a prosperous and industrial Pakistan", Bokhari added, nooting that quite a lot of progress has been made in the zones established under the CPEC.

Zones were now being prepared for business, the BoI official added.

The geographical proximity between Pakistan and China will help in populating economic zones, as well as contribute to mutual economic gains.

At least Rs3 billion was allocated to provide 210 MW of electricity and 30 MMCFD gas to the REZ.

"The timely construction and development of the zone will be possible with the provision of all the basic facilities of the project," Bokhari said, adding that the zone, constructed via an investment worth Rs128 million, covered an area of 1,000 acres.

The REZ was designated as a special economic zone in August 2019, Bokhari added.