Federal Minister for Planning and Development Asad Umar said that the China Pakistan Economic Corridor (CPEC) projects are progressing at a fast pace in its second round.
Speaking to a reception ceremony in relation to the arrival of the first consignment of equipment and machinery for the Century Steel at the Karachi port, the Minister said that the government is working profoundly for the success of CPEC.
Mr. Umar informed that CPEC has entered into its second phase and projects not restrained to its infrastructure rather an agreement has been signed with CRBC, a Chinese firm, to promote foreign investments for development and marketing in the Rashakai Special Economic Zone (SEZ).
He said the Century Steel, a Chinese firm, would establish steel mills in Rashakai SEZ with the investment of US$240 million and 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 1,000 people would be provided jobs.
Mr Umar termed the occasion another manifestation of the exceptional relations between Pakistan and China.
Chinese Consul General in Karachi Li Bijian, speaking on the occasion, said that the economy of the country is strengthening and gaining momentum despite the negative effect of the pandemic and especially the construction sector has been witnessing faster growth and the demand for steel has increased.
On the occasion, CPEC Authority Chairman Lt Gen (r) Bajwa, representatives of Century Steel, officers of KPT, and others were present.