Pakistan and China will ink an agreement on the development of the Rashakai SEZ under the China-Pakistan Economic Corridor (CPEC). The agreement will be signed today during a ceremony that is scheduled to take place at the PM’s house in Islamabad.
On Sunday, Atif Bokhari, Minister of State and Board of Investment (BoI) Chairperson stated that the development agreement of the Rashakai Special Economic Zone (SEZ) under the China-Pakistan Economic Corridor (CPEC) will be the way to realize the vision for the development of special economic zones that lead to the success and prosperity of Pakistan.
He also said that great progress has been made in the zones that have been established under CPEC and now they are ready to be prepared for business.
He further added Pakistan’s geographical proximity to China will help these SEZs to foster economic interdependence for mutual advantage.
The official further said that the Special Economic Zones Act 2012 under Section-13 binds together the federation, the province, and the SEZ developer through an agreement for the successful establishment and development of an economic zone.
Board of Investment (BoI) Chairperson Atif R Bokhari said, “Such economic zones will lead to a prosperous and industrial Pakistan. The timely construction and development of the zone will be possible with the provision of all the basic facilities required”.
Moreover, this agreement also provides the road map for SEZ’s establishment while holding the federal and provincial governments. The developer would jointly responsible for the development and successful operations of an SEZ.
Rashakai SEZ to accelerate industrialisation in Pakistan: Asim Bajwa
Chairman CPEC Authority Asim Saleem Bajwa on Monday said that the Rashakai Special Economic Zone (SEZ) project will accelerate industrialisation in Pakistan.
Taking to Twitter, Asim Bajwa said that China Road and Bridge Construction Company is the development partner with the Khyber Pakhtunkhwa government for this particular project.
Development Agreement Signing Ceremony for Rashakai Spec Eco Zone (SEZ) will be held today evening at PM House. China Road & bridge Const Company is the development partner with KP Govt.2nd after Faisalabad,to accelerate Industrialisation in Pakistan. #cpec #CPECMakingProgress— Asim Saleem Bajwa (@AsimSBajwa) September 14, 2020
The project worth 4128 million, sprawled over 1000 acres of land was awarded the status of SEZ on 6th August 2019.
It will be developed under the public-private partnership by the Khyber-Pakhtunkhwa Economic Zone Development and Management Company (KPEZDMC) with the collaboration of the China Road and Bridge Corporation.