Peshawar, Pakistan: Government has initiated work on conversion of Mohmand Economic Zone into Special Economic Zone

Khyber Pakthunkhwa Government has initiated work on conversion of Mohmand Economic Zone (MEZ) into Special Economic Zone (SEZ) to promote industrialization besides bolstering marble and other related industries in merged areas.

“The conversion process of Mohmand economic zone into special economic zone under China Pakistan Economic Corridor (CPEC) has been initiated to promote SMEs and marble industries in merged areas,” an official in Industries and Commerce Department told APP on Tuesday. Three different industries would soon be made functional in MEZ and proposals in this regard were being finalized.

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Extension project of Nowshera Economic Zone comprising 76 acres land is ready for commercial launch with a capacity to generate over 12,000 job opportunities besides an expected investment of Rs1.6 billion for the country, he informed.

Development agreement on Rashakai Special Economic Zone (RSEZ) had been signed that would likely to generate employment opportunities for over two lakh youth and skilled labour besides attract a huge foreign investment under CPEC, he said, adding the groundbreaking ceremony of RSEZ is expected this year.

Rashakai SEZ is holding a unique competitive advantage due to its proximity to first juncture of CPEC route, close location with Peshawar Airport, ML-I and was directly located on Peshawar-Islamabad Motorway besides a significant manufacturing base in the entire region.

Conceptualized by KP Economic Zone Development and Management Company (KPEZDMC), Rashakai SEZ is a flagship project of KP Government that would be established on 1,000 acres land with collaboration of China in Nowshera district to bolster industrialization in the province.

Rashakai SEZ would be developed in three phases. The total area designated for Industrial use is 702 acres and as per Federal SEZ Areas Regulations, 159 acres would be developed in Phase I, 279 acres in Phase II and 264 acres in Phase III besides 76 acres land was allocated for commercial purposes.

Memorandum of Understanding (MOUs) of Rashakai SPEZ has been signed during KP-China Road show in April 2017 and Concessional Agreement with China Road and Bridge Corporation (CRBC) has been inked by KP Government to ensure its speedy development on modern lines.

RSEZ had been awarded SEZ status on August 6, 2019 before its Concession Agreement was signed in April 2019.

On September 14, 2020, Pakistan and China signed the historic Rashakai SEZ Development Agreement in Islamabad, paving the way for construction of the mega CPEC project in Khyber Pakhtunkhwa.

Source: www.urdupoint.com