A budget allocation of $50 million is set by a Chinese iron and steel corporation and it has become the first international firm to construct a factory in the Rashakai Special Economic Zone under CPEC.
Century Steel Ltd, sponsored by Fuzhou Julitaihe International Company of China, was given 40 acres by the SEZ Review panel of Rashakai Special Economic Zone at its conference. Fuzhou Julitaihe International Company of China possesses steel mills in Indonesia, Myanmar, Cambodia, and Ethiopia with a total productive capacity of 3,000 million tonnes of iron and steel products.
According to a press statement from the Board of Investment (BoI), the Chinese company has dispatched its engineers and workers, who have begun establishing a site office to carry out the plant’s construction.
The Rashakai SEZ is the first economic collaboration project connecting China and Pakistan, and it is part of the CPEC. The 1,000-acre zone is estimated to generate 200,000 direct and indirect jobs, as well as Rs347 billion in investment.
The good idea to create in Rashakai will have the capacity to produce 0.25 million tonnes of steel products per year and will utilise 45MW of power while actively or passively employing 1,000 people.
The BoI stated that an 11kV feeder was already being set up for 10MW of power in the free trade zone, and that development on the 160MW, 132 kV grid station was currently underway. Because of its accessibility to the highway and its location on the highway,