Chinese Company to Set Up Steel Plant in Rashakai SEz
According to news sources, China Pakistan Economic Corridor (CPEC) Project Director Dr. Liaquat Ali Shah revealed that a Chinese business named Century Steel (Pvt) Ltd has opted to establish a steel facility in the Rashakai Special Economic Zone (SEZ) with an investment of USD 360 million.
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Under this project, Century Steel Ltd. has been allocated 40 acres of land to construct the steel facility. All utility provisions, including water, gas, and electricity, will be completed by the end of the current year, according to the project director.
As the Rashakai Special Economic Zone falls under the CPEC umbrella, it was the first industrial cooperation initiative between the two nations. Mr. Shah continued by stating that the 1,000-acre zone is anticipated to generate 200,000 employment opportunities and 347 billion PKR in investment.
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During the first phase, the Chinese iron and steel firm was the first foreign company to establish a plant in the Rashakai Special Economic Zone (SEZ) with a $50 million investment.
According to the Board of Investment’s (BoI) announcement, the proposed steel plant will have the capacity to produce 0.2 million tons of products annually and will generate one thousand employment. The SEZ will be a game-changer for Khyber Pakhtunkhwa due to its proximity to the Torkham border and Central Asia and its location on the highway (KP).
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