Syed Marwan Shah

The Khyber Pakhtunkhwa Economic Zone Development and Management Company (KPEZDMC) has awarded the status of zone enterprise to three companies in the Rashakai special economic zone to attract investment and create job opportunities in the province, WealthPK reports. According to an official press release, KPEZDMC celebrated another landmark achievement in the development of the economic zones, which is another step in advancing the industrialisation strategy of the government of Khyber Pakhtunkhwa.

The initiative will create more than 500 jobs along with attracting a collective investment of Rs1.2 billion. These three enterprises include G&S Medcure, Globe Park Metals and Haris Mahmood Private Limited. G&S Medcure will cater to the needs of the diverse market of Pakistan in the health sector, providing healthcare products. Globe Park Metals has the background of a trader in long steel, smartphones, and ferrous and non-ferrous scrap in the UK, UAE and Pakistan. Haris Mahmood Pvt Ltd intends to export food items, raw cotton and miscellaneous items from Pakistan to other countries.

The special economic zone committee has so far authorised 18 companies and leased out 68 acres of land for an estimated investment of Rs79.2 billion. Rashakai special economic zone is a top industrial project of the China-Pakistan Economic Corridor (CPEC). It is a rapidly developing industrial area. The zone will boost regional economic growth and industrial activities in the country in general and in the province in particular.

The press release said that the collaboration between the entities of federal and provincial governments, particularly the KPEZDMC and Khyber Pakhtunkhwa Board of Investment and Trade, was helpful in removing the obstacles, which were impeding the progress of the zone. A research economist at the Pakistan Institute of Development Economics told WealthPK that a special economic zone was a particular area of land devoted to the promotion of industrial development in a country. Its tax and economic policies are more advantageous compared to the general economic policies of a country.

“Operating in a special economic zone has many advantages, including quick access to top-notch infrastructure, uninterrupted supply of electricity, clearly titled land, public facilities and support services,” he said. According to WealthPK research, by developing modern economic zones, KPEZDMC has planned to facilitate industrial growth, which will result in the creation of a large number of jobs and increase in productivity.

The establishment of a special economic zone will ultimately lead to the alleviation of poverty and the stability of the economy in Khyber Pakhtunkhwa. KPEZDMC intends to set up 17 economic zones around the CPEC to promote industrial activities in the province. In addition to developing new economic zones and managing existing industrial estates, KPEZDMC also provides marketing, management, financial and technical assistance to industrialists throughout Khyber Pakhtunkhwa.

Credit : Independent News Pakistan-WealthPk