Rs7.5bln spent to complete phase 1 of industrial city

LAHORE: The first phase of Allama Iqbal Industrial City has been completed in Punjab under the China-Pakistan Economic Corridor (CPEC) at a cost of Rs7.5 billion, a statement said on Wednesday.

Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chairman Mian Kashif Ashfaq said Prime Minister Imran Khan has expressed satisfaction over the pace of development of this project. The PM has also directed Federal Minister Mian Hammad Azhar, advisor to PM on Commerce Razak Dawood, and Punjab Industries Minister Mian Muhammad Aslam Iqbal to ensure provision of basic infrastructure, including gas, electricity, roads, civic centre etc as a top priority before the project’s execution.

Nearly 20 industrial units have started production, which covered one third of the land in the first phase of the industrial city, while the remaining would go into operation by the end of the year.

Ashfaq said the PM had further directed to minimise the time of allotment of industrial plots to foreign and local investors, and asked to facilitate all investors through one window operation.

The project spread over 3,300 acres of land was being completed on fast track basis. It includes Furniture City, Apparel Park, modern business centre and the largest expo centre for displaying products made in Pakistan to attract local and foreign buyers.

FIEDMC chairman said that in line with the transparent policy of Punjab Chief Minister Usman Buzdar, industrial plots were being allotted to export-based industries; import substitute industries and relocation of local industries.

He said he attended the PM’s meeting the day before, where he expressed optimism about the future of the country and fully committed to providing the best possible package of incentives to foreign and local investors to boost industrial production for strengthening the national economy.