Chinese company with huge investment to produce 1.5 million tons of steel, provide scores of jobs: Asad Umar

Gwadar Pro

Karachi: Federal Minister for Planning and Development Asad Umar has said that the Century Steel, a Chinese firm with the 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 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 construction phase while in 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 with fast pace during the tenure of 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 basic necessities including electricity and others at Rashakai SEZ was underway at fast pace.
The way government handled pandemic situation and made efforts to contain the spread of pandemic COVID-19, it would also continue working day and night for the success of the CPEC, he said while addressing the reception ceremony of first consignment, carrying equipment and machinery for Century Steel at Karachi Port, for setting up of a steel mill in Rashakai SEZ.
Asad Umar said the CPEC was now entering into the most important second phase. The projects were now not limited to infrastructure only.
He said the bilateral relation of 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 global pandemic, especially the construction sector had been witnessing faster growth and the demand for steel had increased.
Because of the brilliant efforts from both sides China and Pakistan, the first phase of the CPEC had 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 first consignment carrying equipment and machinery for Century Steel was only a beginning.
On the occasion, Chairman CPEC Authority Lt. General Asim Saleem Bajwa (retd), representatives of Century Steel, officers of Karachi Port Trust (KPT) and other were present.

Asad Umar said the first industrial unit was being set up in the Rashakai SEZ in Khyber Pakhtunkhaw. “The CPEC is moving practically into the exciting phase of industrial cooperation with foreign investment transferring technology & creating jobs”, he added.