Punjab economic zones to create 2m jobs

PIEDMC chairman expects local, foreign investment in the zones

LAHORE:

The economic zones being established in Punjab will not only spark an industrial revolution but will also create over two million jobs for the unemployed youth, remarked Punjab Industrial Estates Development and Management Company (PIEDMC) Chairman Syed Nabeel Hashmi.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday, Hashmi said besides employment opportunities, local and foreign direct investment was also expected in the economic zones.

His comments came at the inauguration of a special desk at the chamber, which was set up to facilitate investors and prospective industrialists.

“It will serve as a one-window operation on behalf of PIEDMC,” he said. “We have planned to establish industrial estates in Chichawatni, Sialkot on Lahore-Sialkot Motorway and Muzaffargarh so that less developed regions could be brought into the mainstream.”

He lauded efforts of Punjab Chief Minister Usman Buzdar because of which the process of approval for nine economic zones in the province was completed and practical steps to construct them were under way. He pointed out that PIEDMC was already managing seven industrial estates across Punjab and three of them had been declared economic zones.

Citing figures, Hashmi said Rs5.76 billion had been spent on infrastructure development in various industrial estates in Punjab over the past two years. During the two-year period, Rs72 million was spent on Bahawalpur Industrial Estate, Rs55 million on Vehari Industrial Estate and Rs210 million on Bhalwal Industrial Estate established over an area of 450 acres.

Apart from that, Rs168 million was spent on establishing a grid station at Rahim Yar Khan Industrial Estate, the official said.

“The federal government has declared four industrial estates as Special Economic Zones, which include Quaid-e-Azam Business Park, Bhalwal Industrial Estate, Rahim Yar Khan Industrial Estate and Vehari Industrial Estate,” he said.

“Other than that, process is under way to declare Bahawalpur Industrial Estate a Special Economic Zone.”

Work on infrastructure development has commenced at Quaid-e-Azam Business Park and Bahawalpur Industrial Estate. An amount of Rs5.25 billion was allocated for the Quaid-e-Azam Business Park, Sheikhupura, the official said.

Published in The Express Tribune, October 1^st, 2020.

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