ISLAMABAD, Mar.1st (INP):    Faisalabad SEZs under CPEC will bring PKR 31.492 billion investment in Punjab, Gwadar Pro reported on Friday. The 24th Special Economic Zone (SEZ) Committee meeting of Allama Iqbal Industrial City (AIIC), the 8th SEZ Committee meeting of Value Addition City (VAC), and the 43rd SEZ Committee meeting of M-3 Industrial City (M3IC) of SEZ, Faisalabad, Punjab, were held. Together, they approved the admission of 44 enterprises in the SEZ regime with a cumulative investment of PKR 31.492 Billion in Punjab. According to the BOI official notification, the investment accounts for PKR 4.310 Billion in Allama Iqbal Industrial City, PKR 359.05 Million in VAC, and PKR 26.823 Billion in M3IC, SEZ, Punjab, in various sectors.

“After completion of codal formalities, these enterprises will be issued a formal letter of approval, enabling them to the fiscal benefits of SEZs. BOI, as the secretariat of the SEZs, will provide all-out facilitation to enable these new enterprises to start their construction activities within 6 months and come into production within 24 months of their approval,” the notification added. AIIC is a priority SEZ being developed on approximately 3,217 acres of land. It has the advantage of being adjacent to M3-Industrial City, which hosts a large number of projects across various sectors.  Sectors of interest for investment in AIIC include Textiles, Engineering, Electrical & Electronic, Chemical & Paints, Food Processing, Pharmaceuticals, Automobiles, Packaging, and Building Materials. VAC is part of the larger initiative by FIEDMC.

It aims to catalyze the growth and expansion of the industrial sector in Pakistan, particularly in value-added manufacturing and production for light and medium-scale industries. M3IC is the largest industrial estate in Pakistan and is also developed by FIEDMC. Its purpose is to support the development of the manufacturing sector by providing world-class infrastructure, ensuring quality, and maintaining an environmentally friendly estate management approach. The committee which approved investment comprised representatives of the Board of Investment (BOI) Pakistan, the Punjab Board of Investment and Trade, and the Faisalabad Industrial Estate Development & Management Company (FIEDMC).

Credit: Independent News Pakistan (INP) — Pak China