Lahore: In a recent news reported, a Chinese conglomerate has been announced to establish a steel plant at the Rashakai Special Economic Zone (SEZ). The government has allocated nearly 40 acres of land in this zone to the organization.
According to details revealed, the SEX Committee has allocated the chunk of land to Century Steel (Pvt) Ltd, a company owned by Chinese conglomerate Fuzhou Julitaihe International Company. This organization is engaged in the manufacturing and sale of iron and steel products, nationally and internationally.
The organization operates steel mills in Myanmar, Cambodia, Indonesia, and Ethiopia, with the combined capacity of nearly three billion tons of iron and steel products.
The conglomerate will invest 50 million US Dollars in this project. It is the first zone enterprise from China to have received approval from among a large number of applicants.
Rashakai SEZ also comes under CPEC and it is the first industrial cooperation project between Pakistan and China.
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