Planning and Development Minister Asad Umar said on Sunday a first industrial unit is being set up in Khyber Pakhtunkhwa’s (KP) Rashakai Special Economic Zone (SEZ).
Taking to Twitter, he said the China Pakistan Economic Corridor (CPEC) is moving practically into the exciting phase of industrial cooperation with “foreign investment transferring technology & creating jobs”.
Attended ceremony at karachi port on arrival of machinery for century steel, 1st industrial unit being set up in the rashakai SEZ in KP. CPEC is moving practically into the exciting phase of industrial cooperation with foreign investment transferring technology & creating jobs
— Asad Umar (@Asad_Umar) April 4, 2021
The Rashakai SEZ will play a significant role in luring Foreign Direct Investment (FDI) in the country as it holds a unique competitive advantage due to its proximity to the first juncture of CPEC route.
The SEZ is also close to the Peshawar airport and ML-I. The zone comprises 1,000 of acres land and will be developed in three phases with an expected FDI of $128 million.