Chairman Faisalabad Industrial Estate Develosm bd fmf atccd da nment and Management Company (FIEDMC), Mian Kashif Ashfaq is paying attention to retailers amidst the current inflation. Recently, he urged the government to announce a relief package for retailers. He believes that this package can be similar to the one for Small and Medium-sized Enterprises (SMEs); eventually empowering small businesses nationwide against the impact of COVID-19 on the economy.
The FIEDMC Chairman expressed these views on the 28th of April, while talking to a delegation of retailers. They called on him to discuss issues related to small business especially after the outbreak of coronavirus. He shared that the government was well aware of the problems being faced by the business and trader community due to the lockdown.
Mian Kashif also demanded to keep in mind the business community while finalizing the Standard Operating Procedure (SOPs). He also highlighted the impact of coronavirus due to which huge losses and damage to businesses are being faced. Nevertheless, extensive relief packages can help revive small businesses and retailers post-coronavirus.
Mian Kashif Ashfaq’s insight on helping small businesses
Mian Kashif also suggested a reduction in the sales tax rate, bringing it down to 5%, along with a complete waiver of income tax and electricity bills. He further added that incentives like, interest-free loans can help the business community to feed their family and their workers during this time.
“Pakistan’s economy is projected to face a loss of up to 4.64% of Gross Domestic Product (GDP). This loss is due to the disruptions in trade, both imports and exports, after the spread of COVID-19”. Mian Kashif further explained how FIEDMC is also facing hurdles to accomplish necessary tasks. Completion of these tasks was important to create economic activities and to help the country boost its exports.
“In fact, a whopping amount of US $2 billion worth of export orders are now cancelled due to the viral outbreak”, he added. Ashfaq added that under the leadership of Prime Minister Imran Khan, the incumbent government was taking effective and comprehensive public safety measures against coronavirus.
“This is besides utilizing all resources to provide free ration to the poor families. The government departments are ensuring foolproof security of the people for 24 hours,” he added. The Chairman urged philanthropists to come forward to play their role for supporting people.
He believes that joint efforts by the government, institutions and people can help overcome the crisis. “The world is facing an unprecedented challenge, a pandemic in an age when cross-border interaction, frequent travel and social engagement are the norm”.
As the COVID-19 contagion has spread across borders and reached all but the most isolated of locations, the government and the people of Pakistan are doing their best to cope with the demands on the health sector and the needs of the vulnerable.
FIEDMC and it’s Industrial Cities
Faisalabad Industrial Estate Development and Management Company (FIEDMC) is a Public-Private Partnership (PPP) entity; that is, between the Punjab government and the Faisalabad business community. The Government of Punjab set up this entity in 2004 as a public listed company with the aim to help Pakistan’s industries. Jahangir Khan Tareen undertook this whole operation during his tenure as ‘Adviser to CM Punjab on Special Initiatives’.
Since FIEDMC’s inception, it has successfully constructed three industrial estates along Faisalabad motorway; namely: M-3 Industrial City, Value Addition City and the latest, Allama Iqbal Industrial City (AIIC). These estates allow housing of various industries and their workshops with special incentives and ease of work.
Allama Iqbal Industrial City saw its groundbreaking at the hands of Prime Minister Imran Khan, on Friday 3rd January 2020. It expands over an area of 3200 acres and is the first prioritized CPEC special economic zone. The economic zone is strategically located opposite M-3 Industrial City and interconnected through flyover at Sahianwala Interchange, Motorway M-4, Faisalabad.