KP takes lead by completing first CPEC originated project
PESHAWAR (July 17): Khyber Pakhtunkhwa Economic Zones Development and Management Company (KP-EZDMC), a public sector company of the KP government, has taken the lead by completing the first phase of the China-Pakistan Economic Corridor (CPEC) flag-bearer Rashakai Special Economic Zone (SEZ), at District Nowshera.
Talking to media here, the Chief Executive Officer (CEO) Javed Iqbal Khattak said that the completion of the first phase of the Rashakai SEZ comprising three phases and covering an area of 247 acres, was due in December 2023, but due to better teamwork and coordination with China Road and Bridge Company (CRBC,) it had been completed six months prior of its specified time period.
The Rashakai SEZ is the first completed project initiated under CPEC in Pakistan. This marvelous performance shown by a public sector company of Khyber Pakhtunkhwa has given an edge to the province over other provinces of the country.
So far, an investment to the tone of Rs.85 billion has already been made in the zone and besides, Chinese several domestic big industrial groups are also investing in it, he said.
The investors are going to set up units for manufacturing Active Pharmaceutical Ingredients (APIs) a raw material for the pharmaceutical industrial units while another investor has also shown interest in establishing a vaccine manufacturing unit in the zone while Pakistan Oxygen, a largest oxygen manufacturing unit has already invested in the Zone.
The current innovative management of company has initiated construction work on 9 new economic zones including two special economic zones of Hattar and Rashakai. 90 percent infrastructure development work at Hattar Special Economic Zone has been completed and now colonization is also in progress in the facility.
During the current management, the total assets of the company by the end of the year 2022 have increased to Rs.15.8 billion as compared to Rs.13 billion in 2021.
The company has posted a surplus of Rs. 29 million (Rs 35 million in 2021) with total income of Rs.1025 million in 2022 (Rs 926.5 million in 2021).
Javed Iqbal Khattak said the Board of Directors (BoD) has appreciated the financial performance of the company for the period ending June 30, 2022. The company’s income and the total assets have also shown a steady increase over the past year, which is a testament to the company’s strong management and commitment to excellence.
During 2022, the company had generated funds around Rs 3.1 billion including Rs 541 million received in the shape of the annual development programme (ADP). It has also launched new zones including Special Economic Zone D.I. Khan and Chitral Economic Zones last year, he expressed.
The company has also contributed Rs.93 million to the government treasury in the form of duties and taxes during the year. It has now obtained Pakistan Centre for Philanthropy (PCP) Certification inevitable for NPO status under Income Tax Ordinance, 2001.
