40 acres of land allotted to Century Steel in Rashakai SEZ.
Byline: Imran Ali Kundi
ISLAMABAD -- In a major development, the Special Economic Zones (SEZ) Committee of Rashakai Special Economic Zone has allocated 40 acres of land to Century Steel (Pvt) Ltd, a Chinese company.
'This is a momentous day for industrialisation of Khyber Pakhtunkhwa (KP) as first Zone Enterprise from China has been admitted to the Rashakai SEZ,' said Board of Investment in a statement. Century Steel (Pvt) Ltd, is owned by M/S Fuzhou Julitaihe International Company; a Chinese conglomerate engaged in the manufacturing and sale of Iron and Steel products internationally. Fuzhou Julitaihe International Company owns steel mills in Indonesia, Myanmar, Cambodia and Ethiopia with a net capacity of 3000 million tonnes of iron and steel products.
Century Steel Pvt Ltd. plans to invest $50 million and will produce 0.25m tonnes of steel products in their plant in Rashakai SEZ. The project will consume 45 MW electricity and employ 1,000 manpower directly and indirectly. Resources from China have been mobilised and Chinese engineers and personnel are...
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