A Chinese corporation by the name of Century Steel Ltd. has become the first foreign company to set up its plant in the Rashakai Special Economic Zone (SEZ) under the China-Pakistan Economic Corridor (CPEC).
The SEZ Committee has allocated 40 acres to Century Steel Ltd., and it plans to invest $50 million and produce 0.25 million tonnes of steel products in the plant. The project is expected to consume 45 MW of electricity and employ 1,000 workers directly and indirectly.
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Owned by the Fuzhou Julitaihe International Company in China, Century Steel Ltd. has mobilized its engineers and personnel who have started the construction of a site office to execute the plan quickly and efficiently.
A press release by the Board of Investment (BoI) read: “This is a momentous day for industrialization of Khyber Pakhtunkhwa (KP) as first Zone Enterprise from China has been admitted to the Rashakai SEZ”.
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The Rashakai SEZ is the first joint industrial project between China and Pakistan. It is expected that the 1,000-acre zone will create jobs for 200,000 individuals and attract Rs. 347 billion of investment.
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