PESHAWAR: The SEZ Committee of Rashakai Special Economic Zone on Thursday allocated 40 acres of land to Century Steel (Pvt) Ltd.
The decision was made at a meeting held here on Thursday, said a press release.
The enterprise is owned by M/S Fuzhou Julitaihe International Company; a Chinese conglomerate, engaged in manufacturing and sale of Iron and Steel products internationally. Fuzhou Julitaihe International Company owns steel mills in Indonesia, Myanmar, Cambodia and Ethiopia with a net capacity of 3000 mn tonnes of iron and steel products.
Century Steel Pvt Ltd. plans to invest USD 50 mn and will produce 0.25 mn tons of steel products in their plant in Rashakai SEZ. The project will consume 45 MW electricity and employ 1000 manpower directly and indirectly. Resources from China have been mobilized and Chinese engineers and personnel are setting up a site office to execute the project without delay.
CEO KPEZDMC Mr. Javed Khattak said, “This is a momentous day for industrialization of KP as the first Zone Enterprise from China has been admitted to the Rashakai SEZ. We have received many applications for plots and foresee many more industries starting construction shortly at the Zone. KPEZDMC has worked day and night along with our partner CRBC to successfully execute Rashakai SEZ project.”
Rashakai SEZ comes under the CPEC umbrella and is the first Industrial cooperation project between China and Pakistan. KPEZDMC has received 1855 applications for 3500 acres. The 1000 acre SEZ will create 200,000 direct and indirect jobs and attract PKR 347 bn of investment. 10 MW of electricity at the Zone has been arranged through an 11 kv feeder.