The commission met to approve Rashakai SEZ`s revised concession contract, according to a statement released here. He stated that the Special Economic Zone Act 2012, in accordance with Section-13, binds the Confederation (Investment Committee), the province and the developer of SEZ by an agreement on the successful creation and development of an SEZ, rightly called a development agreement. Finance Minister Bokhari said in a statement on Sunday that the Rashakai Special Economic Zone (SEZ) development agreement, under the Sino-Pakistan Economic Corridor (CPEC), would help achieve the vision of developing special economic zones that will ultimately lead to the country`s prosperity. Pakistan and China are expected to sign an agreement today (Monday) on the development of the Rashakai Special Economic Zone under the Sino-Pakistan Economic Corridor (CPEC). Federal Minister of Planning, Development and Special Initiatives Asad Umar confirmed that the Pakistan-China development agreement had been signed. “I want to make it known that the development agreement for the creation of SEZ was signed in Rashakai,” he added. Pakistan and China support the rapid implementation of the CPEC. The two countries signed the first development agreement for the Rashakai Special Economic Zone (SEZ) under the CPEC. At the signing ceremony, Prime Minister Imran Khan assured that the priority development of Rashakai SEZ would play an important role in the socio-economic development of the KP. It would promote industrialization and create massive jobs in Pakistan.
Prime Minister Khan stressed that he was learning from China`s experience of socio-economic growth. Pm also stressed that the Mainline-1 (ML-1) rail project under the CPEC would promote regional connectivity and revolutionize the communications sector. Earlier, Khyber Pakhtunkhwa (KP) Board of Investment and Trade (KP-BOIT) CEO Hassan Daud told the author here in Islamabad that the development agreement would be signed, paving the way for the resumption of physical work on the ground. ISLAMABAD (Dunya – News) – Pakistan and China signed the first development agreement for the Rashakai Special Economic Zone of China Pakistan on Monday in Islamabad. BOI President Atif R. Bokhari said the Board of Investment has succeeded in speeding up the promised public service delivery process, facilitating the allocation of tax incentives and concessions to the SEZ co-developer. Pakistan and China will sign a development agreement under the CPEC for the Rashakai Special Economic Zone (SEZ). Investment (BOI) Chairman Atif R.
Bokhari said the signing of the Rashakai SEZ agreement would promote Pakistan`s industrialization and socio-economic development, particularly Khyber Pakhtunkhwa (KP). The government created the Rashakai SEZ Development and Operations Company (DOC) to implement the agreement. The DOC is the first of its kind, with the Chinese equivalent being part of the parties. Khyber Pakhtunkhwa Economic Zone Management Company (KPEZDTM) and China Road and Bridge Corporation (CRBC) have signed a DA agreement for the development of Rashakai SEZ. As part of the concession agreement, the project will take place in three phases. President BOI stated that this agreement provides the roadmap for the establishment of an SEZ, while the federal and regional governments and the promoter are jointly responsible for the development and successful operation of an SEZ. The agreement will be signed at a ceremony in the Prime Minister`s Parliament in Islamabad. . The Investment Committee encouraged the creation of the CZ to take advantage of the influx of investment under the CPEC, inclusive economic development in KP province, job creation, industrial development and export production in Pakistan.