ISLAMABAD-Rashakai Special Economic Zone (RSEZ) is attracting robust investment, promoting infrastructure connectivity, generating employment opportunities, transferring technologies, and enhancing productivity, said Executive Commercial Officer of China Road and Bridge Corporation (CRBC) Abdullah Shehryar.
In an interview with WealthPK, he apprised that RSEZ is a flagship project of industrial cooperation under the China-Pakistan Economic Corridor (CPEC) framework. The economic zone was inaugurated in May 2021, and now the construction work of its phase I is in full swing and will be operational by March 2023.
Chinese state-owned enterprise CRBC is actively involved in its marketing to develop the zone. The CRBC’s investment has encouraged other foreigners to come and invest in different sectors of the province.
So far, 23 enterprises have been attracted including Century Steels Limited, Pakistan Oxygen Limited, and Aryana Innovation Chemicals.
The zone has predominant investment feasibility for the sectors including processing and manufacturing, pharmaceuticals, agriculture and horticulture, home appliances, automobiles, and building materials. Due to its locational advantage and resource pool, the RSEZ will significantly enhance industrial growth, improve regional and global integration and promote China’s vision of development peace, the executive commercial officer said.
The zone has the potential to become a base for Pakistan’s exports to Afghanistan, Central Asia, Russia, and Europe.
Discussing the country’s deepening economic conditions, he added that rapid rupee free-fall has dented the confidence of local investors.
Regarding the question of required prudent steps, Abdullah Shahryar said that authorities must allow barter trade with neighbors, increase awareness of effective marketing strategies, and digitalize the manufacturing units.
In proposed measures, the Commercial Executive Officer added that free trade agreement will considerably enhance Pakistan’s contribution to the global market.