Khyber Pakhtunkhwa possesses significant potential to drive industrial development through its strategic location, natural resources, and energy assets. However, the success of major industrial initiatives depends not only on infrastructure investment but also on effective governance, regulatory certainty, and access to reliable and affordable energy. This policy brief reviews two major projects; the Rashakai Special Economic Zone and the proposed Karak Oil Refinery. It attempts to assess their progress, identify key institutional and policy challenges, and highlight opportunities for strengthening sustainable industrial development in the province.