Javed Iqbal Khattak, the CEO of Khyber Pakhtunkhwa Economic Zones Development & Management Company (KP-EZDMC), stated that 98% of infrastructure development work in Rashakai prioritised Special Economic Zone (pSEZ) has been completed and will be operational in March 2023.
While talking to the media, he stated that the pSEZ, which spans 1000 acres, is a flagship program of the KP government under the industrial cooperation framework of the China-Pakistan Economic Corridor (CPEC) and serves as a CPEC Special Economic Zone.
It is among the four prioritised SEZs that will be the first to open next month.
Power transmission and transformation, he said, were critical components of the project, which is nearing completion. He stated that one of the project’s main goals is to establish export-oriented industrial units. Aside from the $400 million investment, they expect to create 250,000 to 300,000 direct and indirect jobs, he added.
Mr Khattak further added that 80% of the labour force in the area would be local, especially natives of the area.
Meanwhile, in terms of investment in the project, the CEO of KP-EZDMC stated that 18 Pakistani and Chinese companies have agreed to form joint ventures. The project will not only play an important role in KP’s economic growth, but also in the strengthening of the national economy, he said, adding that a large number of investors have begun construction activities on their industrial units.
Moreover, the company is prioritising the development of export-oriented manufacturing units in the area in order to create alternatives to imports, he told the media men.
He stated that foreign investment in the zone will not only facilitate the transfer of modern technology to KP but will also bring expertise and other best practices to the country.? “Trainers and master trainers arrive along with these modern pieces of machinery will also prove beneficial for our coming generations.”