Bureau Report
PESHAWAR: The apex body of traders in Pakistan’s KP province assured the officials of China Road and Bridge Corp. of its assistance in convincing industrialists to invest in the CPEC flagship Rashakai Special Economic Zone.
CRBC is developing the RSEZ (Rashaki Special Econo9mic Zone) on 1,000 acres of land at the intersection of M-1 motorway and Swat expressway.
Sarhad Chamber of Commerce and Industry Vice President Mehboob Elahi told Gwadarpro that during a recent meeting with senior officials of CRBC, they assured them of promoting the idea of investing in SEZ among their fellow businessmen. He said that the Chamber will soon sign a MoU with CRBC to this effect.
Elahi, however, said that they requested the CRBC officials to reduce the cost of land from US$150,000 to USD 100,000 per acre. He said that they also sought plots for small and medium enterprises. Currently, the CRBC is only offering 4 and 8-acre plots meant for corporate investors, he said.
Elahi also stressed the federal government to waive off duties on import of raw material, at least for export-oriented industry, from regional countries, particularly Afghanistan and Central Asian states, for success of the SEZ. We have also made a presentation to the President Dr Arif Alvi in this regard, he said. We should import low-cost raw cotton and petroleum products as well as fruits and minerals from these countries to make our export industry competitive, he said.
He said that globally, ratio of regional trade accounted for 30-40%, but Pakistan’s trade volume with its neighbours including China stood at only 3-4% of its total trade due to bureaucratic hurdles.
General Secretary of Sarhad Chamber Sajjad Aziz said that the CRBC officials assured them that the Rashakai SEZ was fully backed by the Chinese government, and that Chinese tech companies were also eager to invest in the Zone and were looking for local partners. He said that the CRBC officials also promised outclass facilities in SEZ. Aziz said that SEZ will flourish once it is fully developed with provision of all the required facilities.
CRBC will complete the SEZ in two years. The approach road to the Zone from M-1 has been completed while work to link the SEZ to Swat expressway is underway.
A senior executive in the business development office of KP Economic Zones Development and Management Company said that Rashakai SEZ was being developed by the Chinese state-run CRBC as a private contractor. He said that KPEZDMC was overseeing the project and extending all-out support to CRBC. He said that KPEZDMC was satisfied with the pace and quality of work on the SEZ.
