Ravi City project set to be included in CPEC: RUDA chief

Lahore: Ravi City will not be built on loans but on investment as the project is set to be included in the China-Pakistan Economic Corridor (CPEC), Chief Executive Officer (CEO) of Ravi Urban Development Authority (RUDA) Imran Amin said.

In a meeting with US Consul for Commercial Affairs John Coronado here, Amin maintained that the decision to include this project in the CPEC is expected during the Pakistan-China conference at the year end.

The US $ 7 billion endeavor would span 46 kilometers and include housing, commercial areas, hospitals and schools – creating a metropolis that could ease pressure on overpopulated Lahore and support its urbanization.

Amin mentioned that the industrial zone will consist of 3,000 acres in which Saudi investors had signed a US $ 600 million contract to complete the projects.

He also informed that discussions are underway with various countries including China, United Kingdom and United Arab Emirates investors to set up more industrial units.

He contended that there were vast investment opportunities in Ravi City for energy and wastewater treatment plant projects. “Foreign investment in the industrial area will provide employment to millions of people,” he added.

Amin elaborated that Pakistan wanted to invest in the development of industrial and residential projects in Ravi city.

He stated that if the American companies take interest, “we will provide them with better environment and business facilities.”

During the meeting, US Consul General Coronado acknowledged that Ravi City was a commendable project, which was very attractive for investors.

He further said the US companies want to invest in the Information Technology and energy sector and soon “our companies will be ready to work here.”

At the end of the meeting, Amin thanked the US Consul for his visit welcomed the proposal of US investment in Ravi City project.