The Board of Approvals (BOA) approved the Development Agreement (DA) of Rashakai pSEZ, previously endorsed by the KP Special Economic Zones Authority.

The BOA meeting was chaired by Prime Minister Imran Khan, according to a press release issued here on Thursday.

Rashakai pSEZ, the first prioritized SEZ of Pakistan, is among the three prioritized SEZs that are being focused on in the second phase of CPEC, the other two being Dhabeji (Sindh) and M3 (Punjab).

Rashakai pSEZ is strategically situated in the proximity of Islamabad and Azakhel Dry Port Nowshera on the M1 motorway which links it to the CPEC route and Swat Expressway, offering a location advantage to the Special Economic Zone. The 1,000-acre pSEZ will be developed by China Road and Bridge Corporation (CRBC) in a joint venture with the Khyber Pakhtunkhwa Economic Zones Development and Management Company.

The development and subsequently the colonization of Rashakai pSEZ is expected to yield multiple economic benefits, including 50,000 direct and 150,000 indirect job creation and opportunities for trade and export to the Central Asian markets through the expected Torkham corridor.

CRBC will market the zone, and the anticipated investment from setting up of enterprises and foreign direct investment is approximately US$1.630 billion and US$494 million respectively from local and foreign investors.

The PC-1 for the provision of electricity and gas has already been approved by the power and petroleum divisions respectively.

Acting CEO of KPEZDMC, Adil Salahuddin, said that due to relentless efforts of KPEZDMC management and BoD, the first prioritized SEZ under CPEC (RSEZ) in Pakistan was approved. He acknowledged the earnest efforts and active support of the BoD in getting the Rashakai pSEZ approved from the BoA.