The Punjab Industrial Estates Development & Management Company (PIEDMC) has offered facilities to local and foreign investors to set up factories in four special economic zones in Punjab.
While briefing the business community at Lahore Chamber of Commerce & Industry, Chief Executive Officer PIEDMC, Muhammad Javed, Ilyas said that these zones will be platforms to facilitate industrial infrastructure, will act as service providers to attract and facilitate foreign investment, integrate local firms into global value chains, promote export-oriented growth and generate employment.
CEO PIEDMC said that these zones would help promote technology transfer to local economies and will contribute in improving the overall investment environment by lowering transaction costs for FDI activities, increasing the ease of doing business and streamlining administrative procedures, including the time required to set up operations.
Establishment of five economic zones approved in Punjab
PM Imran Khan has approved establishment of 5 economic zones in Punjab province. Out of these 5 proposed special economic zones 4 zones have been assigned to Punjab Industrial Estates Development & Management Company PIEDMC pic.twitter.com/5ECFF6bGEa
— Developing Pakistan (@developingpak) March 7, 2020
Recently Asad Umer, Minister for Planning, Development and Special Initiatives, had also expressed delight over Britain’s interest to further promote bilateral trade relations in the wake of Brexit. He briefed the British High commissioner about potential business prospects in the second phase of CPEC and encouraged foreign investors to explore vistas of opportunities under CPEC. Second phase of CPEC is linked with the development of Special Economic Zones (SEZs) and depending upon government facilitation investments from a post-Brexit Britain are possible.
The federal minister had highlighted potential for British investors in CPEC and newer areas of the Pakistani economy such as telecommunication, information technology, as well as investment in agriculture, health, higher education and skill development. Investing in CPEC directly translates into investing in its special economic zones, like PIEDMC’s state-of-the-art Sundar Industrial Estate and other economic zones.
According to Chairman PIEDMC, ‘the establishment of these economic zones will not only provide facilities and incentives to the business community but usher a new era of development in province of Punjab and decision is also in line to fulfill vision of PM to provide and create jobs for 20 million people’.
Read more:PIEDMC to achieve 100% colonisation at Sundar Industrial Estate
These special economic zones, located in close approximation of major motorways, would provide employment to 450,000 skilled and more than two million unskilled workers. This will then also help increase the GDP, tax revenue, improving balance of trade through exports and overall economic prosperity in the country.
Muhammad Javed, CEO PIEDMC, expressed his hope that out of four smart special economic zones, the Quaid-E-Azam Business Park (QABP) – located on M2 motorway and just 38 kilometres from Lahore – would become a trendsetter as Sundar Industrial Estate (SIE) in Lahore has become a role model for industrial set ups in Pakistan where more than 450 factories are already functional.
Moreover, CEO PIEDMC briefed that this new special economic zone, QABP, would be constructed on 1536 acres of land. Previously Vehari was developed on 250 acres, Bhalwal on 427 acres of land and Rahim Yar Khan industrial estate on 456 acres of land.
Quaid-E-Azam Business Park
Quaid-e-Azam Business Park is strategically located on Lahore Islamabad Motorway at Sheikhupura; the project is linked with all major cities, sea ports and dry ports of the country through a network of national Highways and Motorways.
This landmark project is spread over 1536 acres of land, out of which 200 acres have been dedicated for a labor colony that will provide accommodation facility to 30,000 workers of the project. Quaid-e-Azam Business Park, after completion, will have the capacity to generate two hundred and fifty thousand new jobs for skilled and unskilled workers along with empowering a skilled women workforce. This is quite a commitment and praise-worthy achievement for PIEDMC.
PIEDMC will develop and provide industrial plots for incoming businesses that may range from manufacturing services, auto parts to logistical services and chemical factories. All industrial estates under PIEDMC are provided electricity, gas supply and water among other essential utilities. NOC for Quaid-E-Azam Business Park has also been approved, its ground breaking is expected around March 28, and PM Imran Khan is expected to arrive for the event.