First Chinese company in Rashakai SEZ

ISLAMABAD: The government on Thursday allocated 40 acres of land in the Rashakai Special Economic Zone (RSEZ) in Khyber Pakhtunkhwa to a Chinese-owned steel company. In a meeting, the SEZ Committee of Rashakai Special Economic Zone allocated this land to Century Steel (Pvt) Ltd, which is owned by Fuzhou Julitaihe International Company. The company owns steel mills in Indonesia, Myanmar, Cambodia and Ethiopia with the net capacity of three billion tons of iron and steel products. The Century Steel has planned to invest $50 million and will produce 0.25 million tons steel products at their plant in the Rashakai SEZ. The project would consume 45 megawatts of electricity and employ 1,000 manpower directly and indirectly, resources from China have been mobilised and Chinese engineers and personnel have been setting up a site office to execute the project without delay. This is a momentous day for the industrialisation of KP as the first zone enterprise from China has been admitted to the Rashakai SEZ.