MoU to develop economic zone signed

PESHAWAR: The provincial government on Saturday signed agreement of engagement with the China Road and Bridge Corporation (CRBC) to develop Rashakai Special Economic Zone and install 225 megawatts Combined Cycle Gas Turbine Power Plant.

The agreement was signed in pursuance of the memorandum of understating (MoUs) signed in Beijing Roadshow.

According to a press release issued here, the agreement of engagement was signed by Adil Salahuddin, interim chief executive officer, (KPEDMC) on behalf of the provincial government and Li Zhihuai, general manager CRBC at Khyber Pakhtunkhwa House in Islamabad.

The CRBC plans to develop in phase-A, 1000 Acres of land as Special Economic Zone at Rashakai and install 225 MW CCGT power plant. The CRBC will market the Zone to Chinese investors with main target as Chinese factories.

Rashakai Special Economic Zone will have industries like pharmaceutical, textile, foods and beverages, steel and various engineering related industries. This initiative of Khyber Pakhtunkhwa will provide direct and indirect job opportunities to 100,000 locals of the region.

Investment of Rs100 billion is expected by industrialists from Pakistan and abroad. Online applications for RSEZ are open and applications for more than 200 acres land has already been received.

The ceremony was attended by Chief Minister Pervez Khattak, Chairman KP BOIT, Secretary P&D and representatives from KPEZDMC and CRBC.