CPEC: First Chinese company starts work in Rashakai SEZ
Gwadar Pro
Nowshera: The first Chinese industry has laid its foundation in China-Pakistan Economic Corridor (CPEC)’s Rashakai Special Economic Zone (SEZ) and started work in the Zone.
The Century Steel will invest $ 50 million and will produce 250,000 tons steel products at their plant in the Rashakai SEZ.
The SEZ Committee of Rashakai Special Economic Zone has allocated 40 acres of land to Century Steel (Pvt) Ltd, which is owned by Fuzhou Julitaihe International Company.
The company owns steel mills in Indonesia, Myanmar, Cambodia and Ethiopia with the net capacity of three billion tons of iron and steel products.
The Century Steel has planned to invest $50 million and will produce 0.25 million tons steel products at their plant in the Rashakai SEZ.
The project would consume 45 megawatts of electricity and employ 1,000 manpower directly and indirectly, resources from China have been mobilised and Chinese engineers and personnel have been setting up a site office to execute the project without delay.
Chairman CPEC Lt. General Asim Saleem Bajwa (retd) visited the site along with Chinese Ambassador Nong Rong.
Later, Asim Bajwa said the SEZ was progressing well and all the amenities including power, gas, access road, security wall were being provided as per envisaged time lines.
