Peshawar: Work on Rashakai Economic Zone has gone into full swing and the Khyber Pakhtunkhwa government has established the Rashakai Special Economic Zone Development and Operation Company (RSEZDOC) to develop, market, manage and operate the zone – a news source reported on December 14.
A special purpose vehicle company, RSEZDOC has been registered with the Security and Exchange Commission of Pakistan (SECP) with five directors. Four of these directors will be nominated by the China Road Bridge Corporation (CRBC), while the fifth director will be representing Khyber Pakhtunkhwa Economic Zones Development & Management Company.
The industrial work in the project has also been launched with one Chinese state-owned company starting work on a project for steel production. 40 acres of land has been allotted for the project and the company has launched the construction of infrastructure. The daily production of steel will be 4,000 tons.
The economic zone has also received 1,700 applications for its industrial plots by both the Chinese and Pakistani investors. However, no quota has been fixed over who will get these plots but preference will be given to the investors who will bring in the high-tech industry, export-oriented industry, and industries that may provide enhanced import substitution.