Chinese Foreign Ministry’s Spokesperson Wang Wenbin lauded the signing of the development agreement of Rashakai Special Economic Zone (SEZ) under CPEC. Wang Wenbin underlined that Rashakai SEZ would boost CPEC execution and accelerate economic development of Pakistan. It will promote bilateral industrial cooperation, Wang added. According to the SEZ Act 2016, enterprises under Rashakai SEZ would be entitled to favorable policies in the region.
BEIJING, Sep 16 (APP): A Chinese foreign ministry’s spokesperson said on Wednesday that the development of Rashakai Special Economic Zone would boost high quality development of the China Pakistan Economic Corridor (CPEC) and inject a new momentum into Pakistan’s economic development.
“It will surely boost high quality development of the CPEC and inject new momentum into Pakistan’s economic development,” Chinese Foreign Ministry’s Spokesperson Wang Wenbin said during his regular briefing in a response to APP question regarding signing of development agreement of Rashakai SEZ between China and Pakistan.
Prime Minister Imran Khan and Chinese Ambassador to Pakistan Yao Jing attended the signing ceremony while Deputy Director of the Chair of Chinese side of the Joint Cooperation Committee (JCC) of CPEC, Ning Jizhe delivered a video speech.
Wang Wenbin remarked that the signing of this agreement meant that the project had reached a substantial development stage and added “It will play an important and exemplary role for industrial cooperation between the two sides.”
On the signing of the agreement between the Chinese company and the Pakistani side, he said, “This is the first agreement signed between the two sides under the CPEC. All sides attach great importance to this project.”
According to the Chinese developer China Road and Bridge Corporation (CRBC), with signing of the agreement, the Rashakai SEZ will enter stage of substantive construction and welcome enterprises and investors to invest in Khyber Pakhtunkhawa province.
The CRBC said that the leading industries of Rashakai SEZ in Khyber Pakhtunkhwa province include the processing of farm produce, automobile, home appliances, textile, consumer electronics, construction materials and logistics.
The enterprises to operate in this SEZ will be entitled to all the favorable policies in accordance with the Special Economic Zones Act 2016.
Rashakai SEZ aims to become a role model for other SEZs under CPEC, trade transfer station as well as base of industrial capacity cooperation between China and Central Asia and Western Asia.
It may be mentioned that the Rashakai SEZ is one of the nine SEZs, prioritized under the CPEC framework.