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Thursday, May 23, 2024

FIEDMC and Hong Kong Trade & Investment Forum sign MOU

Faisalabad Industrial Estate Development & Management Company (FIEDMC) signed an investment memorandum with Pakistan Hong Kong Trade and Investment Forum (PHKTIF) on Saturday, agreeing to cooperate with each other in the business zone.

According the press release that has been issued, FIEDMC Chairman Mian Kashif Ashfaq, briefed the PHKTIF delegation about Allama Iqbal Industrial Estate City and FIEDMC in an online meeting. He stated that Allama Iqbal Industrial City was a first of its kind project in the province of Punjab, which is being completed under the China- Pakistan Economic Corridor- CPEC. He further shared that this project has full support of the federal as well as provincial governments.

Read More: Mian Kashif Ashfaq: FIEDMC raising domestic and international investment

The MOU reads that, FIEDMIC and PHKTIF would offer support to each other in the business zone. PHTKIF would make investments in all sectors while FIEDMC would play its role in facilitating them.

FIEDMC has been serving as a key government entity in developing and diversifying the economy of Pakistan through the creation of industrial zones. It was formally registered under company’s ordinance in 1984 with aim to foster economic development and has currently undertaken three projects of national importance. Their first project of Value Addition City has been a massive success and has been applauded for offering state-of-the-art infrastructure, affordable land, top-notch facilities and dedicated business support services.

Read More: FIEDMC to Collaborate with ITU to create ‘ultra-modern’ technical lab

M-3 Industrial City which enjoys the perks of being an SEZ is another fruitful project which was launched by FIEDMC. It is the largest industrial state in Pakistan launched to support the development of the manufacturing sector through provision of top-tier infrastructure and an environmental-friendly estate management. Comprising of over more than 4500 acres of land accommodating Chemicals, Auto motives, Textile, Pharmaceuticals, Information Technology etc., M-3 Industrial City is a huge project with enormous potential.

Allama Iqbal Industrial City- FIEDMC’s Landmark Project

Allama Iqbal Industrial City, which is one of the nine SEZ’s to be built in Pakistan under CPEC is being developed by FIEDMC too. The SEZ’s are referred to as the lifelines of Pakistan’s industrial development as once operational, they would be able to create around 2 million jobs. They would also enhance exports and would help in uplifting several other sectors of the economy.

This SEZ was inaugurated by Prime Minister Imran Khan in January, 2020. Addressing the ground-breaking ceremony of the Allam Iqbal Industrial City, he said that Pakistan needs to have intensive industrialization for wealth creation. He further stated that the problem of unemployment can’t be solved by the agriculture-based economy of the country and that the industries need to take up this responsibility.

Read More: FIEDMC: Allama Iqbal Industrial City is closer to completion

Allama Iqbal City is spread over 3217 acres of land and strategically located just opposite M-3 Industrial City. It has especially been designed to cater to the needs of the foreign investors, specifically the Chinese industrialists. FIEDMC’s Chairman Mr Mian Kashif Ashfaq stressed that local investors are also being provided with the same facilities and incentives as the foreign companies.

He also stated that 2300 acres of land has been allocated for setting up industrial units and most of the land has been sold out. M3 Industrial City and Allama Iqbal Industrial City are connected to M4 Motorway Sahianwala Interchange. FIEDMC believes that within one to two years, more companies would set up there which would significantly increase national exports. This would usher in a new era of industrial development in Pakistan.