Rashakai Economic Zone Company registered with SECP

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.

The 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.