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Saturday, April 13, 2024

FIEDMC asks US for assistance from its technical varsities

Faisalabad Industrial Estate Development and Management Company (FIEDMC) has asked the United States for support from technical universities located there in an attempt to extend local research and development

Chairman FIEDMC Mian Kashif Ashfaq asked the US for assistance from its technical universities, while talking to US diplomat in Pakistan Salvador Molina. Mr. Molina assured full cooperation in response to Mian Kashif Ashfaq’s request for support in the field of research and development for his industrial estates.

Many American investors have shown interest in the economic zones and therefore all possible assistance would be provided for the development of the FIEDMC, stated the US Consul in Pakistan. He said this during a meeting with FIEDMC Chairman via video link. Mian Kashif had earlier informed Mr. Molina that a 450-acre airport is going to be constructed under the public private partnership to facilitate access of foreign investors to FIEDMC economic zones. He further shared that top-of-the-line facilities would be provided to the international investors in these economic zones. He also stated that FIEDMC was currently focusing more on the establishment of high-tech industries in Allama Iqbal Industrial City which is it’s preferred economic zone. He said that FIEDMC projects are being advertised in the international media to attract more foreign investors. Under CPEC flagship projects, Special Economic Zones (SEZs) have been created with substantial incentives to facilitate foreign investors who are interested in establishing their industries and other business projects in these zones.

Read More: FIEDMC to complete projects on priority basis

Pakistan’s Industrial Boom

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. 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. FIEDMC has also planned to establish a technical university near Allama Iqbal Industrial City and M3 Industrial City to impart technical education and skills to youth.

Read More: FIEDMC and Hong Kong Trade & Investment Forum sign MOU

Last year, after returning from the UK, Chairman FIEDMC had said that the overseas Pakistanis were also increasingly showing their overwhelming confidence in the leadership of Prime Minister Imran Khan as indicators of all global financial institutions were projecting Pakistan as a destination for secure and profitable investment. His organization was playing an important role in attracting investments for its first prioritized SEZ under CPEC – Allama Iqbal Industrial City (AIIC) – with all the mandatory utilities of land, gas, water and electricity to the investors, he added. He said that a one-window operation had been established in the zone to facilitate and guide the investors with tax incentives. Apart from UK and US, several German and Italian companies have also expressed keen interest in the Allama Iqbal Industrial City- FIEDMC’s landmark project, revealed Mian Kashif.

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

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. 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.

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

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. Allama Iqbal City is spread over 3217 acres of land and strategically located just opposite M-3 Industrial City. Both 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.