Govt notifies SEZ status for Allama Iqbal Industrial City

ISLAMABAD: The government on Friday notified the Allama Iqbal Industrial City (AIIC) as a special economic zone (SEZ) and chartered three committees for allowing sale of plots in AIIC, Hub and Bostan SEZs.

Tasking the SEZ committees with administration and enforcement of benefits and rules, Board of Investment (BOI) Secretary Fareena Mazhar as secretary of the Board of Approval for SEZs, issued the notification. The committees would also provide facilitation between the SEZ, its enterprises, and the government.

Minister of State and BOI Chairman Atif R Bokhari expressed satisfaction over the progress on the development of SEZs, and said it was high time for all of us to tap the opportunities being provided by the Belt and Road Initiative in the shape of Industrial Cooperation (IC) under China-Pakistan Economic Corridor (CPEC).

He pointed out that the private sector should come forward and lead the second phase of CPEC. He appreciated the BOI’s Project Management Unit on CPEC-IC for its role in ensuring teamwork between the federal and provincial governments, which helped remove hurdles in the progress of the SEZs.

BOI Secretary Fareena Mazhar said the establishment of the new SEZs would help achieve the goals of industrialisation, such as capitalising investment inflow, inclusive economic development, creation of jobs, and export generation.

“Serious efforts for provision of gas and electricity are underway to ensure provision of these basic utilities alongside development of the new SEZs,” she added. AIIC, Faisalabad is being developed by Faisalabad Industrial Estate Development and Management Company (FIEDMC) with a total area of 2,800 acres. The FIEDMC target is to establish industries in textile, engineering, electrical and electronics, chemical paints, agriculture and food processing, steel and packaging sectors. It is expected that the zone will help create 249,477 direct and indirect jobs for local population, besides attracting domestic and foreign investment up to the tune of Rs357 billion.