Lahore: A Chinese conglomerate has announced its decision to establish a steel plant at the Rashakai Special Economic Zone (SEZ) after the government allocated nearly 40 acres of land in the zone to the company, a news source reported on January 15.
According to details, the SEZ Committee on Rashakai Special Economic Zone allocated the said chunk of land to Century Steel (Pvt) Ltd; owned by Chinese conglomerate Fuzhou Julitaihe International Company which is engaged in the manufacturing and sale of iron and steel products internationally.
The conglomerate operates steel mills in Indonesia, Myanmar, Cambodia and Ethiopia with a combined capacity of nearly three billion tons of iron and steel products.
The conglomerate will invest USD 50 million in the project. It is the first zone enterprise from China to have received approval from among a large number of applicants.
Rashakai SEZ also comes under CPEC and it is the first industrial cooperation project between Pakistan and China.