Pakistan, China to sign development agreement of CPEC's Rashakai SEZ tomorrow

ISLAMABAD: Pakistan and China will sign the first development agreement of China Pakistan Economic Corridor’s Rashakai Special Economic Zone in Islamabad on Monday.

Chairman Board of Investment, Atif R. Bokhari in a statement on Sunday said that Rashakai Special Economic Zone will provide a conducive business environment for bringing Foreign Direct Investment in the country.

Atif R. Bokhari said the signing of this agreement would realize the vision of special economic zones’ development in the country, ultimately leading to a prosperous and industrial Pakistan.

He said Pakistan’s proximity with China will allow these SEZs to foster economic interdependence for mutual economic advantage.

“To enable successful operations of this SEZ, the federal government has committed Rs1.8 bn for provision of 210 MWs of electricity, and 1.2 bn PKR for the provision of 30 mmcfd gas from the Federal PSDP.”

“Provision of required utilities at the doorstep of the SEZ as per the required timelines of the project will allow for on-time construction and development of the SEZ,” he added.

The Rashakai SEZ is to be developed under Public Private Partnership mode by Khyber Pakhtunkhwa Economic Zone Development and Management Company (KPEZDMC) (a Section-42 company of Government of Khyber Pakhtunkhwa) in collaboration with China Road & Bridge Corporation (a state-owned Chinese enterprise).