CPEC Authority Chairman Lt Gen (retd) Asim Saleem Bajwa on Sunday said Special Economic Zones (SEZs) were the country’s future for enhancing exports, import substitution and creating job opportunities.
He also welcomed the initiative to develop an exclusive health city in CPEC’s Faisalabad Special Economic Zone for the manufacturing of medical equipment.
The CPEC Authority chairman was quoting a tweet by Federal Science and Technology Minister Fawad Chaudhry, who pointed out that the Faisalabad Industrial Zone had set up a medical equipment manufacturing zone over 200 acres that would greatly reduce the country’s imports by $1.4 billion.
“Pakistan will make syringes, cannulas, X-ray machines, heart stents, dialysis machines in this industrial zone,” the minister added.
“The next industrial zone will be set up in Sialkot.”
#CPEC Authority urges new investors to our Industrial dev,welcomes initiative to develop exclusive Health/medical City in CPEC’s Faisalabad SEZ for related manufacturing industry.SEZs are our future for enhancing exports,import substitution& job creation #cpec #cpecmakingprogres https://t.co/b5NaTU73zk
— Asim Saleem Bajwa (@AsimSBajwa) September 27, 2020
The Allama Iqbal Industrial City in Faisalabad is the largest among SEZs in terms of area with 3,217 acres. The Allama Iqbal SEZ has the advantage of being adjacent to M3-Industrial city which comprises of large number of projects including textile, pharmaceuticals, information technology, chemicals automotive, service complex, etc.
Faisalabad Industrial Estate & Management Company) is the developing body of Allama Iqbal SEZ. A number of national and international companies have expressed their interest to start business units within AIIC. Based on businesses interest, the SEZ has great potential for attracting foreign direct investment, employment generation and contribution towards exports.
Following the official announcement of the China-Pakistan Economic Corridor (CPEC), around 37 zones were proposed as SEZs for all provinces of the country of which the establishment of nine were prioritized including Rashakai Nowshera, Dhabeji, Bostan Industrial Zone, Allama Iqbal Industrial City Faisalabad, ICT Model Industrial Zone Islamabad, Industrial Park Pakistan Steel Mills Port Qasim, Mirpur Industrial Zone AJK, Mohmand Marble City and Moqpondass in Gilgit-Baltistan.
The CPEC, a major component of China’s One Belt, One Road (OBOR) Initiative, has entered an industrialisation phase after signing of the landmark Rashakai Special Economic Zone SEZ development agreement between Pakistan and China.
Last year, Prime Minister Imran Khan stressed the need for expediting the setting up of SEZs. He said the initiative would be spearheaded by the federal government, while taking the provinces on board.
"We should continue to remain competitive by providing incentives for transfer of technology and relocation of industries from China on the lines as of other regional countries," he noted.
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