LAHORE: According to news, the Chinese conglomerate announced its decision to set up a steel mill in the Rashakai Special Economic Zone (SEZ) after the government gave the company nearly 40 acres of land in the area.
Read: Development of Rashakai Economic Zone at Its Peak
According to the details, the Rashakai Special Economic Zone commission has allocated the specified land to Century Steel (Pvt) Ltd; It is owned by Fuzhou Julitaihe International Company, a Chinese conglomerate that manufactures and markets steel and iron products internationally.
The group operates steel mills in Ethiopia, Indonesia, Cambodia, and Myanmar with a total capacity of nearly three billion tonnes of steel and iron products.
Read: CPEC; China’s hegemony in Globalization
The group is investing USD 50 million in the project. This is the first regional enterprise in China to receive approval from a huge number of applicants.
SEZ “Rashakai” also falls under the CPEC and is the first industrial cooperation project between China and Pakistan.
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