DM Monitoring
FAISALABAD: Board of Investment (BOI) will have to play a proactive role for the immediate colonization of existing industrial estates and special economic zones in the country to accelerate the pace of economic development, said Engineer Hafiz Ihtasham Javed President Faisalabad Chamber of Commerce & Industry (FCCI).
He was addressing a zoom conference organized by the BOI. It was attended by Mr. Saif-ur-Rehman Secretary BOI and representatives of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Karachi and Lasbela Chambers in addition to other chambers and trade bodies from all over the country. He said that 90% land in M3 industrial estate and 60% land in Allama Iqbal special economic zone has been sold out. “Now it’s colonization is a major challenge as corona has contained the economic activities at the global level”, he said and stressed the need for improving the ranking of “Ease of Doing Business” (EODB), introduction of efficient regulatory measures and one window operation in according to its true spirit to attract and facilitate the foreign as well as local investors. Regarding one time waiver of custom duty on import of machinery for new investment, he said that this facility is quite insufficient particularly in the prevailing circumstances as they have to pay sales tax and income tax while during the exemption period, industrialists have to import new machinery along with its spare parts without this facility.
