It has been agreed between China and Pakistan to inaugurate the first Rashakai economic zone next month. This will be the first economic zone out of the 9 zones envisioned under the Chinese-funded framework.
This decision to inaugurate the zone was taken at the joint working group of the CPEC industrial cooperation meeting through video conference.
The meeting was co-chaired by the Board of Investment Executive Director General II Qasim Raza Khan and National Development and Reform Commission of China Deputy Director-General Gao Jian. The meeting was attended by the Officials from line ministries, provincial governments, and embassies.
Interesting: List of all CPEC projects in Pakistan
According to reports, many Chinese and local companies want to join the project. This project will change the economic geographies of both China and Pakistan. To enhance the industrial level cooperation both countries have decided to accelerate the efforts. There was even discussion of a possible up-gradation of Pakistan Steel Mills.
Progress was reviewed by both countries on prioritized CPEC SEZs that includes Rashakai, Dhabeji, Alama Iqbal Industrial City. The development agreement for the Rashakai economic zone is in the final stage.
9 economic zones dedicated to industrial development with incentives are to be set up under the China-Pakistan Economic Corridor (CPEC) framework.