Pakistan, China to ink deal on development of CPEC's Rashakai Economic Zone tomorrow

ISLAMABAD: Pakistan and China are set to sign an agreement on the development of the Rashakai Special Economic Zone (REZ) — a project under the China-Pakistan Economic Corridor (CPEC) — on Monday at a ceremony scheduled to take place at the Prime Minister House.

Federal ministers, representatives from various ministries, Khyber Pakhtunkhwa officials, and different stakeholders are set to be part of the event.

The REZ will pave the way for the establishment of new zones, Board of Investment (BoI) Chairperson Atif R Bokhari said.

Such "economic zones will lead to a prosperous and industrial Pakistan", Bokhari added, noting that quite a lot of progress has been made in the zones established under the CPEC.

Zones are now being prepared for business, the BoI official added.

The geographical proximity between Pakistan and China will help in populating economic zones, as well as contribute to mutual economic gains.

At least Rs3 billion has been allocated to provide 210 MW of electricity and 30 million cubic feet per day (mmcfd) gas to the REZ.

"The timely construction and development of the zone will be possible with the provision of all the basic facilities required," Bokhari said, adding that the zone, constructed via an investment worth Rs128 million, covered an area of 1,000 acres.

The REZ was designated as a special economic zone in August 2019, Bokhari added.