FAISALABAD: Faisalabad Chamber of Commerce and Industry (FCCI) president Syed Zia Alumdar Hussain Friday said policies of the incumbent government had yielded positive results.He said industrial activities in the country had gained momentum and this would help Pakistan achieve its export target in addition to discouraging the unrestricted imports. He said after taking over the power the PTI-led government introduced new measures to trim down the cost of doing business in addition to facilitating the industrial sector which is of key importance in bridging the import export gap.The government decided to provide electricity and gas at the international level competitive rates to the export sector so that the production cost could be trimmed and exporters could get maximum orders, he said.Zia said the government policies paid positive dividends by catalyzing industrial and commercial activities in Faisalabad. He said Faisalabad was strategically located in the heart of Pakistan and was flanked by two motorways passing from its eastern and western sides.Mian Kashif Ashfaq, Chairman FIEDMC, said the present government took practical steps to revive industrial sector and attract maximum Foreign Direct Investment (FDI) in the country. In this connection, government has decided to develop a state-of-the-art Allama Iqbal Industrial City which is adjacent to the existing Special Economic Zone of M-3 Industrial Estate and located in close proximity with Sahianwala Interchange of Motorway (M-3).He said this job has been entrusted to Faisalabad Industrial Estate Development and Management Company (FIEDMC) which has already successfully completed a number of projects including Value Addition City and M-3 Industrial Estate.Almost hundred percent plots in M-3 Industrial Estate have already been sold out, he said adding while hundreds of units have become operational and were playing their role in providing exportable surplus in addition to accommodating thousands of workers.Giving details about Allama Iqbal Industrial City, he said that it was sprawling over approximately 3,300 acres of land and would be a part of China Pakistan Economic Corridor (CPEC). He said the government was expecting that Chinese would establish new units in this city as well as relocation of their industrial units from China so that they could export their products to Middle East, Europe and America by cutting down transportation cost. He said that special incentives in addition to tax holiday would be provided to attract maximum FDI in this industrial city.He said the process to acquire land for this industrial city has almost been completed and now the Punjab government has allocated Rs 23 billion to develop state-of-the-art infrastructure in this industrial city.He said that the industrial city would house more than 400, textile, steel, pharmaceutical, engineering, chemical, food processing, plastic and agriculture appliances units in addition to providing jobs to 250,000 workers. He claimed that the city was also expected to attract Rs 400 billion local and foreign direct investment which would help Pakistan to stabilize its economy.Renowned industrialist and former senior vice president FCCI Engineer Ahmad Hasan said Allama Iqbal industrial city of Faisalabad would be one of the leading industrial estates of Pakistan because of its geo-strategic location.
from The News International - National https://ift.tt/2XaKO9E
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