33 percent sale-able land purchased by local, foreign investors in Allama Iqbal SEZ

Gwadar Pro

Faisalabad: China-Pakistan Economic Corridor (CPEC) Authority chief Lt. General Asim Saleem Bajwa (retd) has said, that seven foreign investors had purchased land in the Allama Iqbal Special Economic Zone in Faisalabad, among a total of 69 investors who had acquired 33 percent of the saleable land. He said work was in full swing in the SEZ under the CPEC.

“Total saleable land is 2276 acres. 33% land purchased by 69 investors so far.182 acres were purchased by 7 foreign investors. Several Pakistani and foreign Industries have started construction,” he tweeted. Bajwa said CPEC was making progress and Pakistan was moving forward due to the mega plan. Allama Iqbal Industrial City (AIIC) is the largest among SEZs in terms of area with 3217 acres. The Allama Iqbal SEZ has an advantage of being adjacent to M3-Industrial city which comprises a large number of projects including textile, pharmaceuticals, information technology, chemicals, automotive and service complex. Land has been acquired for AIIC, and construction work has been in progress since November, 2019.Utilities provision in the Allama Iqbal SEZ will be completed in phases until 2022. Standard size of plot is minimum 1 acre available for investors in all prioritized SEZs. Faisalabad Industrial Estate & Management Company (FIEDMC) is the developing body of Allama Iqbal SEZ. A number of national and international companies have expressed their interest in starting business units within AIIC.

Based on business interest, the SEZ has great potential for attracting foreign direct investment (FDI), employment generation and contribution towards exports.

Meanwhile, the Board of Investment (BoI) said on Monday afternoon that four SEZs, being developed at a fast pace, would create as many as 1.47 million jobs besides playing an important role in promoting local industry to lead the country towards sustainable economic growth. “The four SEZs including Rashakai M-1 Nowshera, Dhabeji Thatta, Allama Iqbal Industrial City Faisalabad and Bostan Balochistan would create around 475,000 direct and 1,000,000 indirect jobs all across the country,” said a BoI official.

The SEZs, which are part of the CPEC, would promote overall industrial growth in the country, adding that development of these four zones was the top priority of the government.

The 1000-acre Rashkai Economic Zone has attracted more than 2,000 domestic and foreign investments in different sectors of the economy, hence promoting rapid industrialization. The Rashakai Special Economic Zone is connected to all the provinces of Pakistan through airports, dry ports, railway stations, motorways and highways. The zone is located at the confluence of the five major districts of Khyber Pakhtunkhwa, Nowshera, Mardan and Swabi, Charsadda and Peshawar. The SEZ would cover more than 400 industries, including garments and textile products, home appliances, general commercial goods, electronics and electrical appliances, automobiles and mechanical equipment.