Chinese firm to set up first steel plant in Rashakai.

ISLAMABAD -- A Chinese iron and steel conglomerate has become the first foreign enterprise to establish its plant in the Rashakai Special Economic Zone under CPEC with a planned investment of $50 million.

The SEZ Committee of Rashakai Special Economic Zone at its meeting on Friday allocated 40 acres to Century Steel Ltd owned by Fuzhou Julitaihe InterAnational Company of China, which owns steel mills in Indonesia, Myanmar, Cambodia and Ethiopia with a net capacity of 3,000 million tonnes of iron and steel products.

The Board of Investment (BoI) in a press release stated the Chinese company has mobilised its engineers and personnel who have started setting up a site office to execute the plant establishment expeditiously.

The Rashakai SEZ comes under the CPEC umbrella and is the first industrial cooperation project between China and Pakistan. The 1,000-acre zone will create 200,000 direct...