Establishment of industrial city in Faisalabad begins

Published March 6, 2021
This is the second special economic zone under CPEC after Rashakai. — AFP/File
This is the second special economic zone under CPEC after Rashakai. — AFP/File

ISLAMABAD: The colonisation of Allama Iqbal Industrial City in Faisalabad — the second special economic zone (SEZ) under the China-Pakistan Economic Corridor — has begun with a planned investment of Rs53.6 billion, the Board of Investment (BoI) announced on Friday.

The Allama Iqbal Industrial City SEZ Committee held its meeting and accor­ded approval to fifteen applications and allotted 320 acres of land for projects.

Colonisation is a technical term which means investors have started setting up their units in the industrial zone.

This is the second special economic zone under CPEC after Rashakai

The applicants include a Chinese firm Zhengbang Agriculture Pakistan (Private) Limited with a plan Rs800 million investment in the agriculture sector. Among others, fourteen local firms, Zahid Jee Textile Mills, Ocean Ceramics, and Ittehad Metals are to initiate business establishments worth Rs11.8bn, Rs11.2bn and Rs7.5bn respectively.

The first special economic zone under CPEC is located in Rashakai.

Meanwhile, a meeting of the Vehari SEZ Committee approved its first zone enterprise. The colonisation of this zone started with admission of a firm Suraya Aslam Paper (Private) Limited to establish a project worth Rs100m.

The SEZ Committee of Rahimyar Khan allotted land and approved zone entry to Naseem Export Private Limited with a planned Rs4.5bn investment.

The application for zone enterprise entry and allotment of land were submitted and processed via SEZ’s MIS Module designed by the BoI recently. The module ensures transparency and facilitation and works as a one window operation, a vision of the government to ensure ease of doing business. Along with the allotment of land, these enterprises are now entitled to benefits offered to these zones, including custom duties and tax exemption under the SEZ Act 2012.

BoI Chairman Atif Bokhari, while appreciating the development, said the automation process of SEZs, envisioned by the prime minister, is now bearing fruit. The SEZ MIS Module was approved to facilitate investors to gain admission in zones and ensure transparency in allocation of plots in various SEZs, he added.

BoI Secretary Fareena Mazhar said that international investors could easily avail the opportunity to identify and select the potential locations for setting up their units in the SEZs.

Published in Dawn, March 6th, 2021

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

United stance
Updated 13 Nov, 2024

United stance

It would've been better if the OIC-Arab League summit had announced practical measures to punish Israel.
Unscheduled visit
13 Nov, 2024

Unscheduled visit

Unusual IMF visit shows the lender will closely watch implementation of programme goals to prevent it from derailing.
Bara’s businesswomen
13 Nov, 2024

Bara’s businesswomen

Bara’s brave women have proven that with the right support, societal barriers can be overcome.
System failure
Updated 12 Nov, 2024

System failure

Relevant institutions often treat right to internet connectivity with the same disdain as they do civil and political rights.
Narrowing the gap
12 Nov, 2024

Narrowing the gap

PERHAPS a pat on the back is in order for the ECP. Together with Nadra, it has made visible efforts to reduce...
Back on their feet
12 Nov, 2024

Back on their feet

A STIRRING comeback in the series has ended Pakistan’s 22-year wait for victory against world champions Australia....