PESHAWAR: Khyber Pakhtunkhwa Chief Minister Mohammad Azam Khan on Friday inaugurated Phase I of the Rashakai Special Economic Zone marking a significant milestone in the development of the China-Pakistan Economic Corridor.

The ceremony was attended by the secretary of the Federal Board of Investment, provincial chief secretary, CRBC general manager, CEO of the KPEZDMC and other dignitaries.

The zone strategically located at the nexus of economic growth stands as a testament to the strong partnership between Pakistan and China, according to officials.

They said the CPEC had become a symbol of friendship between the countries and a model for cooperation between developing countries.

The chief minister appreciated the “exceptional efforts and unwavering commitment of China Road and Bridge Corporation and Khyber Pakhtunkhwa Economic Zones Development and Management Company for successfully completing Phase I of the project six months before the deadline.”

He thanked the Chinese government, companies and public sector entities for their “unflinching support to the project as well as all those who contributed to the completion of Phase I of the Rashakai SEZ.”

The officials said the project’s Phase I encompassed 247 acres of modern facilities designed to attract domestic and foreign investors promising to spur economic growth and job creation and thus, strengthening Sino-Pak cooperation and relations under the umbrella of the CPEC.

They said Phase I housed 18 zone enterprises with seven being under construction mobilising an estimated investment of Rs85 billion.

The officials said as the Rashakai SEZ would become a catalyst for regional prosperity, employment creation for the local population, and foreign direct investment, plans were in the works for the project’s second phase.

They said authorities were committed to “expanding infrastructure, streamlining business processes, attracting key industries and unlocking the SEZ’s full potential as part of the ongoing CPEC decade.”

Published in Dawn, July 22th, 2023