Islamabad: The Special Economic Zone (SEZ) Committee of Rashakai SEZ has approved the allocation of 40 acres of land to Chinese company Century Steel (Pvt) Ltd. as zone enterprises in a meeting held in Islamabad, a press statement of Board of Investment (BOI) said on Friday.
“The Century Steel (Pvt) Ltd. plans to invest USD 50 million and will produce 0.25 mn tons of steel products in their plant in Rashakai SEZ”, press release stated.
Moreover, the project will consume 45 MW electricity and employ 1000 manpower directly and indirectly. Resources from China have been mobilized and Chinese engineers and personnel are setting up a site office to execute the project without delay.
Rashakai SEZ comes under CPEC umbrella and is the first Industrial Cooperation Project between China and Pakistan. The 1000 acres SEZ will create 200,000 direct and indirect jobs and attract PKR 347 billions of investment. 10 MW of electricity at the Zone has been arranged through 11 kv feeder. Work is in progress on the 160 MW, 132 KV grid station.
The Century Steel (Pvt) Ltd. is owned by M/S Fuzhou Julitaihe International Company; a Chinese conglomerate engaged in manufacturing and sale of Iron and Steel products internationally. Fuzhou Julitaihe International Company owns steel mills in Indonesia, Myanmar, Cambodia and Ethiopia with net capacity of 3000 mn tons of iron and steel products.