In its stride to help the economy grow, the government has promised to assist foreign investors interested in Special Economic Zones (SEZs).
Minister for Foreign Affairs, Shah Mehmood Qureshi, announced PTI’s commitment to fully encourage foreign investment in Pakistan. In this regard, the government has promised assistance to foreign investors; especially those interested to pump money in Special Economic Zones (SEZs) under China Pakistan Economic Corridor (CPEC).
He expressed these views during a meeting with Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chairman, Mian Kashif Ashfaq. The minister said that there were vast investment opportunities in Pakistan in the fields of energy, agriculture, health, education and construction for foreign investors.
Qureshi shared that the government is devising a comprehensive strategy to spring back after the pandemic subsides. Accordingly, they plan to initiate economic diplomacy through all embassies to apprise foreign investors on lucrative business opportunities in Pakistan. This is in support of the government promise with assistance to foreign investors.
Shah Mehmood Qureshi gives more insight
He further explained, “The first phase of CPEC focused on infrastructure development and energy generation. While in the second phase, industrial cooperation and socioeconomic development were our highest priorities”.
Qureshi said that the government had set up SEZs – especially prioritized like, Allama Iqbal Industrial City. These intended to help meet said objectives. He also appreciated Mian Kashif Ashfaq for accelerating the pace of development projects in Allama Iqbal Industrial City and asked him to seek mutual cooperation from investors of this whole region; especially the landlocked Central Asian countries and Afghanistan, as it will benefit from the CPEC.
“CPEC is a game-changer for the entire region and there is no restriction on any country, including the USA, to invest in the special economic zones, being established under CPEC,” added Qureshi.
On the occasion, FIEDMC Chief Operating Officer, Muhammad Aamir Saleemi and other senior officers besides experts were also present. While talking to his audience, Mian Kashif praised the Foreign Minister Shah Mehmood Qureshi. He further explained, “This sole project would house as many as 400 industries besides giving employments to 2,500,00 people”.
He said approximately Rs 450 billion foreign and local investments would be pumped into this project. Accordingly, the development project is being carried out on fast track. “FIDEMC always provided state of the art facilities to its customers besides resolving their issues through one window operation on top priority basis. The completion of the M3 project restored the confidence of the investors”.
Mian Kashif also said that many European countries were keen to invest in various economic sectors of Pakistan. This especially includes the newly launched state-of-the-art Allama Iqbal Industrial Estate with 10 years tax holiday, coupled with an excellent and unprecedented package of incentives.
FIEDMC AND IT’S INDUSTRIAL CITIES
Faisalabad Industrial Estate Development and Management Company (FIEDMC) is a Public-Private Partnership (PPP) entity; that is, between the Punjab government and the Faisalabad business community. The Government of Punjab set up this entity in 2004 as a public listed company with the aim to help Pakistan’s industries. Jahangir Khan Tareen undertook this whole operation during his tenure as ‘Adviser to CM Punjab on Special Initiatives’.
Since FIEDMC’s inception, it has successfully constructed three industrial estates along Faisalabad motorway; namely: M-3 Industrial City, Value Addition City and the latest, Allama Iqbal Industrial City (AIIC). These estates allow housing of various industries and their workshops with special incentives and ease of work.
Allama Iqbal Industrial City saw its groundbreaking at the hands of Prime Minister Imran Khan, on Friday 3rd January 2020. It expands over an area of 3200 acres and is the first prioritized CPEC special economic zone. The economic zone is strategically located opposite M-3 Industrial City and interconnected through flyover at Sahianwala Interchange, Motorway M-4, Faisalabad.