Islamabad: China and Pakistan on Monday signed the project development agreement for the Rashakai Special Economic Zone (SEZ) as part of the China-Pakistan Economic Corridor (CPEC) initiative, a news source reported.
During the signing ceremony, Prime Minister (PM) Imran Khan stated that the development of the Rashakai SEZ would enhance Khyber Pakhtunkhwa (KP)’s industrialisation. He added that the project would also create employment opportunities in the province. Citing that the project would promote Pakistan’s ease of business initiative, the PM further remarked that Rashakai would facilitate local and foreign investors, as well as attract Chinese industries.
Meanwhile, Chinese Chairman of the Joint Cooperation Committee (JCC) of CPEC Ning Jizhe also attended the ceremony via video link. On the occasion, Jizhe expressed his hope that both countries could carry out quality constructions and attract significant investment — in turn helping Rashakai become a demonstrative development under the CPEC initiative.
Additionally, the China Road & Bridge Corporation (CRBC) (a Chinese developer) opined that the signing of the said agreement indicated that the Rashakai SEZ was entering the stage of a substantive construction.
According to the details shared, the project aims to be a role model for development of other SEZs under CPEC. It is also one of the nine prioritised SEZs that are part of the joint initiative between China and Pakistan.