The Minister met the China Road and Bridge Corporation (CRBC) Vice President Sun Yaoguo and his delegation to review the Rashakai Special Economic Zone (SEZ) and CRBC's mega-project Karachi Coastal Comprehensive Development Zone

Dated : 2 April 2021

Federal Minister for Planning Development and Special Initiatives, Mr. Asad Umar met the China Road and Bridge Corporation (CRBC) Vice President Sun Yaoguo and his delegation to review the Rashakai Special Economic Zone (SEZ) and CRBC's mega-project Karachi Coastal Comprehensive Development Zone here in Islamabad on Friday.

The vice president of CRBC stated that the development work of Rashakai SEZ is being carried out at a fast pace and to that end the necessary resources have already been mobilized. He assured the Minister that the timelines for the projects would be strictly observed. He highlighted that external marketing of the SEZ to local and foreign investors is crucial for its full operationalization.
He said that the company would carry out the marketing campaign for the SEZ and is keen to work with BOI in this regard.

The Minister said that the industrial cooperation is the need of CPEC and government is keen to see early completion of the project and the Ministry of Energy has already expedited the work on supply of electricity & Gas to the SEZ. He said that BOI would fully cooperate with CRBC for effective marketing of the SEZ.

Asad Umar said that it is the first time in Pakistan that the foreign developer would be of marketing an Industrial zone. He hoped that CRBC will be able to attract substantial investment in the SEZ from Chinese investors

During the meeting Mr. Sun also briefed about CRBC’s mega project Karachi Costal Comprehensive Development Zone in collaboration with the Ministry of Maritime Affairs and the Government of Sindh. He said that the project would add substantially to the city’s economy landscape and will be generating employment opportunity for a very large number of populations of the city.

The Minister said that the Karachi Costal Development Project is an important project and the Federal Cabinet has approved the signing of a Memorandum of Understanding (MoU). It will give a boost to the business and technology sectors and provide employment opportunities to the people.