Javed Iqbal Khattak, CEO of Khyber Pakhtunkhwa Economic Zones Development & Management Company (KP-EZDMC), stated that 98% of infrastructure development work in the Rashakai prioritised Special Economic Zone (pSEZ) has been completed and that the zone will become operational in March 2023.
Sunday, he told APP that pSEZ is a showpiece project of the KP government under the industrial cooperation of China Pakistan Economic Corridor (CPEC) that acts as CPEC Special Economic Zone.
It is one of the four prioritised SEZs that would start operational initially next month.
According to him, power transmission and transformation are essential components of the project, which is nearing completion. According to him, the establishment of export-oriented manufacturing units under this project is a primary objective. In addition to the $400 million investment, they anticipate the creation of 250,000 to 300,000 direct and indirect jobs, he said, adding that 80% of the labour force in the zone will be local, notably area locals.
Regarding investment in the project, the CEO of KP-EZDMC stated that 18 Pakistani and Chinese businesses had committed to joint ventures. He noted that a big number of investors have begun construction on their industrial units, indicating that the project will not only contribute significantly to the economic development of KP, but also to the national economy.
He stated that the corporation is prioritising the creation of export-oriented industrial facilities in the zone in order to create import substitutes.
According to him, foreign investment in the zone will not only facilitate the transfer of contemporary technology to KP, but will also bring experience and other best practises to Pakistan. The arrival of trainers and master trainers alongside these advanced machines will likewise benefit future generations.