Minister for Planning and Development Asad Umar says the projects under China-Pakistan Economic Corridor (CPEC) are progressing with fast pace.
He was 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 Special Economic Zone.
Asad Umar said the government will continue working day and night for the success of the CPEC, which is now entering into the most important second phase. He said the CPEC projects are now not limited to infrastructure only.
The Minister informed that CRBC, a Chinese firm, has entered into an agreement with Pakistan under CPEC to promote foreign investments for development and marketing in Rashakai Special Economic Zone.
He said the Century Steel, a Chinese firm with investment of 240 million dollars, would set up a steel mill in Rashakai SEZ which would produce about 1.5 million tons of steel.
The firm would also employ over 600 Pakistanis during construction phase while in second phase over 1000 people would be provided jobs.