PESHAWAR: Prime Minister Imran Khan is likely to inaugurate Rashakai Special Economic Zone in next couple of days, said official sources in Khyber Pakhtunkhwa Economic Zones Development and Management Company (KP-EZDMC) here on Thursday.

Rashakai Special Economic Zone, a flagship project of KP government is being executed under China Pakistan Economic Corridor (CPEC).

All arrangements for the inauguration are being in final touches and Prime Minister has been invited as chief guest on the occasion. The project is situated on Peshawar-Islamabad Motorway.

The project has received unprecedented response from both local and foreign investors as 1800 investors have applied against the available 1000 acres land demanding thousand acres land for the establishment of industrial units in the zone.

A Chinese company is also going to make investment of US $466 million in the Rashakai Special Economic Zone. Beside, investment potential Rs 4000 billion, the project would generate thousands of employment opportunities for the local population.

Rashakai is one of the around 37 zones have been proposed as Special Economic Zones (SEZs) in all provinces of Pakistan announced under CPEC.

Later, the establishment of nine special economic zones including RSEZ at Nowshera, Dhabeji, Bostan Industrial Zone, Allama Iqbal Industrial City Faisalabad, ICT Model Industrial Zone Islamabad, Industrial Park Pakistan Steel Mills Port Qasim, Mirpur Industrial Zone AJK, Mohmand Marble City and Moqpondass in Gilgit-Baltistan were prioritized.

Rashakai SEZ is enjoying a unique competitive advantage due to its close proximity to first juncture of CPEC route, close location with Peshawar, Islamabad Airports and ML-I besides a significant resource and manufacturing base, making it an attractive destination for domestic and international investors to capture local and international markets.

The project initiated after a memorandum of understanding (MOU) was signed during KP-China Roadshow in April 2017. After long deliberations, KP Govt had signed the Concessional Agreement with China Road and Bridge Corporation (CRBC) to develop RSEZ during Prime Minister Imran Khan’s historic visit to China where he attended Second Belt and Road Forum (SBRF) and Beijing International Horticulture Exhibition (BIHE) 2019.