By Abdul Wajid Khan ISLAMABAD, April 01 (INP-WealthPK): Rashakai Special Economic Zone (SEZ) is amongst the fastest developing SEZs under the China Pakistan Economic Corridor (CPEC). It is likely to start exports within two or three years and create economic impact of around $2-3 billion during the same period, WealthPK reported. Chief Executive Officer (CEO) of Khyber Pakhtunkhwa Board of Investment and Trade (KP-BOIT) and Former Project Director of CPEC Dr Hassan Daud Butt said in an interview that Rashakai SEZ is being developed at a good pace, and it will provide enough industrial setup within two to three years. During this period, it is likely to start exports and create an economic impact of $2-3 billion. Dr Hassan said electricity has already been provided in Rashakai SEZ, while infrastructure for the provision of gas has also been completed. “Fourteen enterprises have started development work in this SEZ and China’s Century Steel will start its operation in next two months. Pakistan Oxygen Limited with Chinese joint venture has already entered in it. Also, external road infrastructure has been completed, while the work on internal road infrastructure is underway. Rashakai SEZ has great significance for Pakistan particularly for Khyber Pakhtunkhwa province. It provides good futuristic industrial platform for eco-friendly industries,” he said. Currently, Laos, Cambodia, Malaysia, Vietnam and other countries are trying to attract Chinese investment in their industrial sector. Global enterprises are also looking for opportunities after the COVID-19 pandemic. Dr Hassan said Pakistan has clear opportunities to attract Chinese and international investment in industrial sector. He said Pakistan also has GSP Plus status for its export to European Union, so industries can be developed to tap the potential and increase exports. “Under CPEC, platform is being established for relocation of Chinese and global enterprises in it and it will happen in future. All projects under CPEC including socio-economic, agriculture, road infrastructure and other sectors have great importance for KP. So, CPEC is creating a win-win situation for KP and also it is a great opportunity for economic revival of the country,” he highlighted. China’s Century Steel has already invested $50 million for setting up a steel plant in the first phase at Rashakai SEZ and it is expected that it will bring more investment in future. Earlier, Dr Hassan has said in an interview with WealthPK that Rashakai SEZ is a game-changer project for KP, and it will create huge economic benefits for the country. He said that depending on the investment, the Rashakai SEZ is likely to create about 40,000 to 200,000 employment opportunities for the locals. “We are promoting export-led industry to increase the country’s exports. Local industries will also be upgraded because big Chinese companies will invest in this SEZ and local industries will get the chance to get direct interaction with them,” he said. The Rashakai SEZ is providing great opportunities for investors because Pakistan is a huge market with a population of about 220 million, including the 37 million population of KP province. “Opportunities are available here in consumer-led industries including textile, food and beverages. It is also suitable for labour intensive high-tech industry,” Dr Hassan said, adding that the Chinese enterprises can mobilise their manufacturing units in Pakistan to take benefit of cheap local human resources and market. A senior official of the Board of Investment (BoI) told WealthPK that Pakistan has a liberal investment policy and there is no restriction on investment in any sector. He said the BoI promotes investment and helps in resolving the issues of investors. He said Rashakai is a multi-industry economic zone, and any kind of industry can be established in it. Investors can establish steel, iron, food processing, agriculture and other units in the Rashakai SEZ. Covering an area of 1,000 acres, Rashakai SEZ is being developed by China Road and Bridge Corporation (CRBC) in a joint venture with Khyber Pakhtunkhwa Economic Zone Development and Management Company (KPEZDMC). Located on Motorway (M1) near the CPEC route, it is 60km away from Peshawar to the west and 90 km away from Islamabad to the east. With a distance of 800km from Khunjerab Pass in the north, 111.6 km from Torkham border, and 39.6 km from Azakhel Dry Port, Rashakai has a unique strategic advantage to serve the consumer markets of KP, Punjab, Southwest China, Afghanistan, and Central Asia. Based on the location advantage and resource pool, the economic zone has predominant investment feasibility for the industrial clusters or sectors including processing and manufacturing, home appliances, pharmaceutical, home building materials, automobile and parts, agriculture and horticulture, wholesale market or specialty mills.