Industrial uplift termed key to economic uplift

ISLAMABAD: Adviser to Prime Minister on Commerce Abdul Razak Dawood Tuesday termed project of Allama Iqbal Industrial City imperative for industrial development in the country.

Talking to FIEDMC Chairman Mian Kashif Ashfaq during a meeting in Lahore, Dawood said projects like Faisalabad Industrial Estate Development and Management Company (FIEDMC) would help the industry generating economic activities by attracting foreign and local investors besides enhancing volume to exports to meet the challenges of trade deficit.

According to a message received here, Dawood said Pakistan’s exports went up by 7 percent as production line had gone up despite difficult environment. Chief Operating Officer FIEDMC Aamir Saleemi was also present on the occasion. “The trade gap was narrowing down as exports were showing steadying trajectory while imports got reduced by $4 billion and overall current account deficit also improved,” he said. He said the economic situation was not as bad as being portrayed by some quarters and they were ready as well to correct things. However, he also conceded that the economic situation must have improved at much accelerated pace.

He said in term of quantity, the exports of garments went up by 29 percent, cement 25 percent, basmati rice 21 percent and footwear 26 percent in the current fiscal year. Dawood said the government provided subsidy to export-oriented sector on electricity and gas and it would be continued in coming year. FIEDMC Chief Mian Kashif Ashfaq unfolding the distinctive features of Allama Iqbal Industrial City to the advisor said the sole project would house as many as 400 industries besides giving employments to 250,000 people. He said approximately Rs400 billion foreign and local investments would be pumped into this project and development project was being carried out on fast track. He further said FIDEMC always provided state-of-the-art facilities to its customers besides resolving their issues through one window operation on priority basis. He said the confidence of investors was being restored after completion of M3 project. Mian Kashif said: “Pakistan which suffered huge economic losses during the last 20-years due to militancy and war against terror, has now come out as a progressive new country under Imran’s leadership.”