M-3 Industrial Estate to attract FDI

FAISALABAD: A new avenue for foreign direct investment (FDI) has been opened by declaring M-3 Industrial Estate as a special economic zone, Sohail Qadri, director projects and policy research, Punjab Board of Investment and Trade (PBIT) said on Saturday.

“It will help Pakistani investors set up joint ventures during the proposed phase of relocation of Chinese industries,” the official, who also works as the head of the Punjab-China Business Forum, said during a meeting with Faisalabad Chamber of Commerce and Industry (FCCI) Acting President Farooq Yusuf.

Qadri said the PBIT had been encouraging Pakistani as well as Chinese investors to set up joint ventures. However, in this connection local investors should also explore and identify the potential investors with whom they could comfortably start joint ventures.

He said Punjab would encourage new and innovative industries with the latest technologies, which could be ultimately adopted by other industrialists to produce high quality products at minimum production cost.

Farooq Yusuf said the FCCI had cordial relations with government institutions, including the PBIT, and these relations could be further strengthened for industrial expansion in the city.