ISLAMABAD   -   The Rashakai prioritized Special Economic Zone (pSEZ), a flagship project of the China-Pakistan Economic Corridor (CPEC), is set to have Rs470.78 million investment as Steller, a Pakistani solar manufacturing enterprise, has launched a mega project at the economic zone.

It was approved during the 8th SE Committee meeting of Rashakai pSEZ, Gwadar Pro reported. 

The committee comprised representatives from the Board of Investment Pakistan (BOI), Rashakai Special Economic Zone Development and Operations Company (RSEZDOC), Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC), Khyber Pakhtunkhwa Special Economic Zone Authority (KP-SEZA), Deputy Commissioner Nowshera, and Khyber Pakhtunkhwa Board of Investment & Trade (KP-BOIT).

“After completion of formalities, the enterprise will be issued a formal letter of approval, entitling it to the fiscal benefits of SEZs,” according to an official statement from BOI. 

According to the statement, in line with the government’s present- day vision to promote clean and sustainable energy solutions, BOI actively encourages and facilitates investments in the solar panel manufacturing sector.

This strategic focus not only contributes to environmental sustainability but also enhances longterm revenue generation for the government.

BOI, as the secretariat of the SEZs, will provide all-out facilitation to enable the new enterprise to commence its construction activities within 6 months and commence production within 24 months of their approval.

Rashakai pSEZ, located in Nowshera KP, is spread over an area of approximately 1,000 acres of land. The zone holds the potential of US$ 4 billion in investments. Upon its completion, Rashakai pSEZ is expected to provide 200,000 direct and indirect employment opportunities for locals.