Sunday, September 19, 2021
HomeRashakai SEZChinese company to invest $360m in Pakistan

Chinese company to invest $360m in Pakistan

ISLAMABAD: Chinese company Century Steel has decided to make a $360 million investment in Pakistan for which the government has allotted 20 acres of land in the Rashakai SEZ.

According to details, the government commenced the sale of plots in Rashakai SEZ in January and has since then, allotted 585 acres of land to 24 zone enterprises with a planned investment of Rs136.7 billion, including FDI of $5.21 million in Allama Iqbal Industrial City, Faisalabad.

Documents state that four out of nine CPEC SEZs are at an advanced stage of development. These include the Rashakai SEZ, Allama Iqbal Industrial City, Faisalabad  Bostan SEZ and Dhabeji SEZ.

The government has also approved PC-ls worth over Rs16 billion for gas and electricity providers in the above-mentioned SEZs which are in the advanced stage of development.

According to details, 10 MW electricity was provided to Rashakai SEZ in October 2020 as a short term arrangement and 50 MW is to be provided by June 2022, while gasification of the zone is to be completed by December 2021.

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Similarly, the government provided 10 MW of electricity in Allama Iqbal Industrial City in December 2020 whereas the construction of grid stations for the provision of 20 MW of electricity is in progress with work expected to be completed by December.

On the other hand, the government provided 5 MMCFD gas as a short-term arrangement in December 2020 in this economic zone. It will also provide 5 MW electricity in Dhabeji SEZ till December 2021 whereas work is in progress for the provision of 13.5 MMCFD gas.

On the other hand, 5 MW electricity will be provided to the Bostan SEZ by December while an amount of Rs731 million has been approved and allocated in PSDP 2021-22 for gasification of the zone which will be completed in 18 months’ time from the release of funds to SSGCL.

It is pertinent to note here that the government has identified nine SEZs under the cooperation of industrial development, including Rashakai SEZ, Allama Iqbal Industrial City, Faisalabad Bostan SEZ, Dhabeji SEZ, Model ICT SEZ, Pak Steel Mills SEZ, Karachi  Moqpandas SEZ, GB Mirpur SEZ, and AJK and Mohmand Marble City.

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