Staff Report
ISLAMABAD: Pakistan will set up a Special Economic Zone (SEZ) for Chinese investors in Allama Iqbal Industrial City (AIIC) under the China-Pakistan Economic Corridor (CPEC).
Agencies added on Monday, the project would be completed within two years.
The report quoting Mian Kashif Ashfaq, Chairman of the Faisalabad Industrial Estate Development and Management Company (FIEDMC) as having said, only Chinese investors would be allowed to relocate their industries to that SEZ.
“Industry to be relocated in AIIC includes automobile, ceramics, steel and light engineering,” he said, adding that 30 companies had already invested more than Rs one billion in the M3 industrial city, another project by FIEDMC.
“Several Chinese companies are in touch with us to invest in AIIC. Creation of a separate SEZ for the Chinese will bring more investment and promote industrialization in Pakistan,” he said.
Development of this SEZ would be carried out by Chinese companies, he said.
“These companies would also market the SEZ and bring in Chinese investors,” Ashfaq said.
Mid December this year, Faisalabad Industrial Estate Development and Management Company (FIEDMC) chairman Mian Kashif Ashfaq said more than 25 Chinese companies had signed accords to invest in Allama Iqbal Industrial City Faisalabad.Chairing a meeting, Mian Kashif said several Chinese and other foreign companies were in contact with the FIEDMC for investment in the city.
He said Prime Minister Imran Khan was focusing his attention on economic growth in the country and foreign policy of the government had created a positive image of the country at international level due to which the foreign investors have shown their willingness to invest in Pakistan.
He said the Punjab government had promised full cooperation to FIEDMC, which was playing due role in fulfilling the prime minister’s mission.
He said steps were also being taken to set up desks of Federal Board of Revenue, Board of Investment, Securities & Exchange Commission of Pakistan (SECP) and other agencies at the one-window service centre to facilitate customers under one roof.
He said steps were also being taken to set up an expo centre at Allama Iqbal Industrial City.
