Entrepreneurs from the US have shown keen interest to invest in the China Pakistan Economic Corridor (CPEC)’s first Special Economic Zone (SEZ), Allama Iqbal Industrial City due to immense market potential of the country and improved governance. This was disclosed during meeting of American Business Forum delegation with Chairman FIEDMC, Mian Kashif Ashfaq.
Punjab Industries, Commerce & Investmentation (Initiatives in 2019)
Establishment of 7 new Special Economic Zones
Pakistan’s largest Economic Zone
Allama Iqbal Industrial City (Faisalabad)
— PTI (@PTIofficial) January 3, 2020
There is a huge potential in Pakistan’s agriculture, livestock and food processing and seafood sectors for US companies and the US businessmen are ready to explore the new investment friendly business environment offered by the zone, President Pakistan American Business Forum (PBAF) Riaz Hussain said while talking to Chairman FIEDMC, Mian Kashif Ashfaq along with a delegation in Islamabad the other day.
The Allama Iqbal Industrial City is a prioritized Special Economic Zone (SEZ) of Faisalabad Industrial Estate Development and Management Company (FIEDMC). It is a state of the art mega project being developed as part of the SEZ of Faisalabad – a success story of Public Private Partnership. This is first CPEC linked Economic Zone that is being operationalised out of the nine zones that were conceived. Business community, in Punjab, led by FIEDMC has thus taken lead over similar initiatives being planned in KP and Sindh – Rashakai and Dhabeji in KP and Sindh respectively.
Allama Iqbal Industrial City will take Punjab towards #IndustrialRevival which we promised in our manifesto.
The biggest Special Economic Zone will create 3 Lac direct and 1 Million indirect job opportunities, 400 billion investment with a capacity of 557 plus industries. pic.twitter.com/q2DxgQwFhh
— Usman Buzdar (@UsmanAKBuzdar) January 3, 2020
The major purpose of the meeting was to provide an opportunity to exchange the views and identify the areas in trade in which investment can be pumped, said a press release issued here the other day.
Mian Kashif Ashfaq briefed the delegation and apprised them of the investment opportunities and incentive packages being offered to the investors.
He said FIEDMC, following the vision of Prime Minister Imran Khan, was extending maximum facilities to the foreign and local manufacturers and providing all services to businessmen under one roof for ease of doing business in the province.
He further said all industries within the export processing zone would be exempted from tax for a period of 10 years and plants, machinery, raw material and other equipment would be imported duty-free.
It was a greatest opportunity to build our relations and US-Pak trade relations were reflecting positive figures, he said, adding that Pakistani exports to US had been increased by six percent in 2019 as compared to the same period of last year
He said that around Rs 400 billion foreign and local investments would be injected into various projects, which clearly indicate that investors had reposed complete confidence in the present regime.
“More than 25 Chinese companies had made agreements for investments in the industrial city,” he added. Mian Kashif said, “The US has titled 2020 as Partners for Prosperity Year, which can only be materialised once we have an increase in people-to-people contact. Also, enhanced cooperation with key organisations in both countries is required to ensure cohesive and coordinated strategies in promoting U.S private sector interests in Pakistan.”
8.@rccipk in collaboration with #Pakistan #American #Business Forum organized 3rd #Pak–#US #business summit. President #Rawalpindi chamber highlighted hurdles of #trade between 2 nations & talked about enhancing people to people contact@Investinpak1#FridayMotivation pic.twitter.com/a2oa4nrfxC
— Pakistan Corporate Updates (@pakco_updates) January 10, 2020
PBAF President Riaz Hussain highlighted the key objective of the forum with respect to Pakistan and US trade relations.
It was a greatest opportunity to build our relations and US-Pak trade relations were reflecting positive figures, he said, adding that Pakistani exports to US had been increased by six percent in 2019 as compared to the same period of last year and in 2018 the two way trade stood at $6.6 billion.
He urged relaxation in tariffs for Pakistani products, adding that after effective measures to reinstate law and order and curbing money laundering, the business environment of Pakistan had improved significantly.
Later, the delegation members expressed satisfaction over rapid pace of development of Allama Iqbal Industrial City and M-3 project on priority.
Allama Iqbal Industrial City will be its third project with more than 3000 acres of land being developed
Faisalabad Industrial Estate Development and Management Company
FIEDMC came into existence to benefit from Public Private Partnership (PPP) in 2004 when the idea of Special Economic Zones was first conceived by Jehangir Khan Tareen when he was a minister with the PMLQ government in Punjab.
FIEDMC, as a Public Private Partnership (PPP) Entity was established by Govt. of the Punjab and formally registered u/s 42 of company’s ordinance 1984 with aim to promote economic development of Pakistan through the establishment of specialized industrial estates.
Allama Iqbal Industrial City by FIEDMC would house as many as 400 industries besides giving employment to 3000,00 people. Approximately Rs 400 billion local and nearly 200 millions dollar foreign investments would be pumped into this project.
— Kashif Ashfaq (@Kashif_Ashfaq1) December 31, 2019
Tareen being a successful businessman himself understood the importance of incentives and facilitation through policy measures and infrastructure at one place. FIEDMC has grown into a big business idea since then. It first launched “Value Added City (VATC)” in 2007, then added Faisalabad Industrial City (M3 Industrial City) and has now more than 7000 acres of land under industrial development. Allama Iqbal Industrial City will be its third project with more than 3000 acres of land being developed.