Rashakai Economic Zone is being developed in the Nowshera area of Khyber Pakhtunkhwa (KP) under the grand China Pakistan Economic Corridor (CPEC). The project covers an area of 1000 acres out of which 159 acres will be developed in Phase I, 279 acres in phase II and subsequently 264 acres in Phase III. The regulatory body has allocated an area of 76 acres has been allocated. The Rashakai Economic Zone will focus upon the industries such as;
This project is under the flagship project of CPEC which and upon its completion, it will strengthen the bond between China and Pakistan. Moreover, the project will definitely contribute to the economy of Khyber Pakhtunkhwa.
Significance of Rashakai Economic Zone
The two major incentives for Rashakai Economic Zone are custom and duty exemption on capital goods and elimination of 1.5 per cent turnover tax. 10MW electricity has been provided for Rashakai SEZ and the provision of another 160MW is under way and the project will be completed by November 2021. This project will not only contribute to the economic growth of the province but also produce employment opportunities for the locals. The project has a vast industrial potential and ideal for the industries such as;
- Garment and Textile Products
- Home Building Materials,
- General Merchandize
- Electronics and Electrical Appliances
- Automobile and Mechanical Equipment
Due to the strengths of the nearby districts and resource pool, the Rashakai economic zone has a great investment feasibility for industries in fruit & food processing, packaging and textile.
Recently, a Chinese Steel company, Century Steel Ltd owned by Fuzhou Julitaihe International that owns steel and iron products of 3000 million tons has been allocated a land of 40 acres with a planned investment of 50 million dollars. The Board of Investment has said that the Chinese company has already mobilized its experts and professionals to channelize the project.
The project will open around 200,000 direct and indirect jobs. The expected investment in Rakashai SEZ is about 347 billion rupees.
Rashakai Economic Zon Location
The Rashakai Economic Zone is situated at a distance of 65 KM from the airport, Dry Port (65 KM), Railway station (25 KM), Motorway, highway (5 KM) and city center (15 KM).A 3.2 KM road is under construction from Wali Interchange to SEZ zero point. It will give easy access to from the Motorway.
Why Rakashai SEZ?
The project will have the capacity to produce 0.25 million tons of steel. The electricity project that will produce 45MW of electricity will solely open 1000 job opportunities. Due to its ideal location and proximity to Turkham border, the project is said to be the game changer for KP.
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