ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Asad Umar reviewed the progress of work of the Rashakai Special Economic Zone (SEZ) under the China-Pakistan Economic Corridor (CPEC) framework.
He was chairing a meeting on the development of the SEZ in Islamabad on Friday. CPEC Authority chairman, representatives from Khyber Pakhtunkhwa (KP) Board of Investment (BOI) and senior officials of the federal and provincial governments attended the meeting.
The meeting was apprised of the progress of work in the SEZ, especially regarding the supply of gas and electricity to the zone. It was informed that 10MW electricity is available for Rashakai SEZ, while the transmission line for another 160MW is under construction and will be completed by November 2021.
A further addition is also planned for 2022.
Meanwhile, Sui Northern Gas Pipelines Limited (SNGPL) representatives informed that work on the gas supply of 30 million cubic feet per day (MMCFD) to Rashakai SEZ is underway and scheduled to be completed by the end of December.
The representatives of the developers informed that the first unit steel plant was under construction and would be soon importing its plant and machinery.
In the first phase, they plan to set up their first unit with an investment of $79 million to produce 5,00,000 tons of rebar/construction steel. In the second phase, they intend to set up their second unit for the production of industrial steel with an investment of $77 million.
Representatives from the Federal Board of Revenue (FBR) and BOI conformed that all the incentives under the SEZ Act are available to the potential investors in the zone.
Minister directed the relevant ministries to ensure completion of their respective task within timelines. He also directed the Planning Division to carry out implementation monitoring of the various activities related to the SEZs.