Chinese company to produce 1.5 million tons of steel & jobs: Asad Umar
by Shafqat Ali
KARACHI, Apr. 5 (Gwadar pro)-Federal Minister for Planning and Development Asad Umar said on Sunday afternoon said that Century Steel, a Chinese firm with an investment of US $240 million, would set up a steel mill in Rashakai Special Economic Zone (SEZ) which would produce about 1.5 million tons of steel.
Addressing the reception ceremony of the first consignment, carrying equipment and machinery for Century Steel at Karachi Port to set up a steel mill in the Rashakai SEZ, Umar said this occasion was another manifestation of exceptional relation between Pakistan and China.
He said the Chinese firm would also employ over 600 Pakistanis during the construction phase while in the second phase over 1000 people would be provided jobs.
According to an official statement, Umar said projects under China Pakistan Economic Corridor (CPEC) were progressing at a fast pace during the tenure of the incumbent government.
He informed that China Road and Bridge Corporation, (CRBC), a Chinese firm had entered into an agreement with Pakistan under CPEC to promote foreign investments for development and marketing in Rashakai SEZ.
He said the work for the provision of necessities including electricity and others at Rashakai SEZ was underway at a fast pace.
Asad Umar said CPEC was now entering into the most important second phase. The projects were now not limited to infrastructure only.
He said the bilateral relation between Pakistan and China was not new and whenever Pakistan needed a friend China was there.
Speaking on the occasion, Chinese Consul General in Karachi Li Bijian said 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 pandemic, especially the construction sector had been witnessing faster growth and the steel demand had increased.
Because of the brilliant efforts from both sides China and Pakistan, the first phase of the CPEC had been completed, he said.
Li Bijian said, “We are quite confident to attract more and more investments in Rashakai SEZ”.
The Consul General thanked the federal government particularly CPEC Authority Chairman for his support and efforts.
He said it was an honor for him to witness the reception of the first consignment carrying equipment and machinery for Century Steel was only a beginning.
On the occasion, Chairman of CPEC Authority Lt. General Asim Saleem Bajwa (retd), representatives of Century Steel, officers of Karachi Port Trust (KPT), and others were present.
Asad Umar said the first industrial unit was being set up in the Rashakai SEZ in Khyber Pakhtunkhwa. “CPEC is moving practically into the exciting phase of industrial cooperation with foreign investment transferring technology & creating jobs”, he added.
