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.
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”.
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.