Engineering Post Report
Rashakai Economic Zone on Motorway-1 in Nowshera, Khyber Pukhtoonkhwah, is one of as many as 9 Special Economic Zones being established in different parts of Pakistan and Azad Kashmir under the great game changer China-Pakistan Economic Corridor (CPEC) which is ushering in an era of progress, prosperity and economic and industrial development in Pakistan.
The execution of the project has been has been conceived in the Public-Private Partnership (PPP)mode and its main objective is to promote industrialization through optimally priced, world- class industrial infrastructure in the province which would result in industrial investment, job creation and economic uplift.
Feasibility studies of the Special Economic Zones have already been shared with the Chinese side, the Memorandum of Understanding (MoU) and Engineering Agreement for the developing joint undertaking of the Rashakai Special Economic Zone project was signed between Khyber Pukhtoonkhwah Economic Zones Development and Management Company (KPEZDMC) and China Road and Bridge Corporation ( CRBC) in January 2018, subsequentally the two parties set out to negotiate the terms of Joint Venture Agreement which was signed in November 2018 and presently the two parties are in the final stages of giving final touches and signing the Concession Agreement following which the ground breaking of the project will be undertaken in the right earnest.
The project also provides an opportunity to the Khyber Pukhtoonkhwah Government to generate some non-tax revenue through KPEZDMC thus reducing the financial burden on the provincial exchequer as KPEZDMC can cover some of its costs, liabilities etc. and plough-back the earnings into further development of industrial infrastructure.
Pakistani professionals and engineers will accordingly be able to work in the SPV Company resulting in capacity building in the development, management and operations of industrial parks and infrastructure.