Karachi, Pakistan: Federal Minister for Planning and Development Asad Umar has said that China Pakistan Economic Corridor (CPEC) is entering the most important second phase and the government would continue working day and night for the success of the project.
While addressing the reception ceremony of the first consignment, carrying equipment and machinery for Century Steel at Karachi Port, for setting up of a steel mill in Rashakai Special Economic Zone on Sunday afternoon, Asad Umar said the CPEC that CRBC, a Chinese firm had entered into an agreement with Pakistan under CPEC to promote foreign investments for development and marketing in Rashakai Special Economic Zone (SEZ).
He stated the work for the provision of basic necessities including electricity and others at Rashakai SEZ was underway at a fast pace.
He said Century Steel, a Chinese firm with an investment of $240 million, would set up a steel mill in Rashakai SEZ which would produce about 1.5 million tons of steel. The firm would also employ over 600 Pakistanis during the construction phase while in the second phase over 1000 people would be provided jobs.
Asad Umar lauded the efforts of Chairman CPEC Authority Asim Saleem Bajwa for swift completion of projects related to CPEC.
Chinese Consul General in Karachi Li Bijian speaking on the occasion said that due to the concerted efforts of the government of Pakistan, the economy of the country was strengthening and gaining momentum despite the negative effect of the global pandemic, especially the construction sector had been witnessing faster growth and the demand for steel had increased.
Because of the brilliant efforts from both sides China and Pakistan, the first phase of the CPEC had completed, he said.
Li Bijian said,
“We are quite confident to attract more and more investments in Rashakai SEZ”.
He appreciated the role of Chairman CPEC Authority Asim Saleem Bajwa who was present at the ceremony and stated that CPEC is (was) becoming a reality under the leadership of Saleem Bajwa.
