Punjab becoming business hub

The Punjab is swiftly becoming a business hub for investments with a total potential investment of Rs45 billion across various sectors from all over the world.

United Nations predicts that by the year 2050, 68 per cent of the total world’s population will be urban. This implies that our cities are threatened with growing economic, environmental and societal challenges. The only way forward is to create smarter cities with the potential to overcome most of the challenges.

A smart city offers its residents increased technological efficiencies and improved quality of services and life. It covers everything from streetlights to power distribution, transport systems to rubbish collection and makes the everyday life of its residents and workers easier and better by making the most of data and advanced technology.

For Punjab, the Ravi Riverfront City developed by the Ravi Urban Development Authority (RUDA) is the answer to numerous challenges at hand. The Ravi Riverfront City is striving to further the economic growth of Punjab’s provincial capital Lahore with the provision of training, financial and technical assistance, business tax incentives, and manpower programmes with numerous opportunities for business communities as well as local and international investors.

During Punjab International Business Conference CEO Imran Amin had signed several MoUs with different organisations and investors.

RUDA signed an MoU with the Dreamworld Limited Company for the creation of multiple tourism facilities, resorts that include the development of Theme Parks in Ravi City. RUDA will provide land and will work closely with Dreamworld to launch Pakistan's first theme park.

Another MOU that RUDA CEO Imran Amin signed was with Mastercard Asia/Pacific PTE. Ltd. RUDA is planning to transform 46 km long Ravi Riverfront City into a smart city with all the latest digital technologies available to its residents. To that end, RUDA is partnering with Mastercard Asia/Pacific Ltd. to develop a one-of-a-kind digital payment ecosystem for Ravi City especially around smart city solutions being developed by RUDA itself. The third MoU signed is between RUDA and The Sustainable City Ravi Investment Company for the development of innovation city. Both organisations will partner to ensure eco-friendly growth.

The fourth MoU that RUDA signed is with SS International Dubai for the development of an Industrial Park on 600 acres. SS International in collaboration with MIH Group of companies has envisioned building a part of the Industrial city in Ravi City. RUDA, in collaboration with SS International, will develop a riverfront city stretching over 46km on Ravi River (Ravi City Waterfront) to include multiple-use components with sustainability, eco-city, and smart city standards.

By enhancing the economic climate, Ravi Riverfront City is committed to increasing cultural participation, business innovation, growth, and adaptability with market demands along with the provision of high-quality goods and services to underprivileged communities. With this modern and smart city, Punjab is already on the way to becoming a business and investment hub.

Being the largest riverfront modern city in the world, it has already attracted heavy foreign investment, and various investment consortiums and companies show a keen interest in investing in this project of utmost national importance. —Komal Afridi