‘Country needs industrial revolution’

Modern SEZs vital to achieve sustainable economic development

ISLAMABAD:

Pakistan needs an industrial revolution to get rid of the debt burden and achieve sustainable economic development for which establishment of modern Special Economic Zones (SEZs) across the country is very important, said Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Yasir Ilyas Khan.

During his visit to SEZs of the Faisalabad Industrial Estate Development and Management Company (FIEDMC) to explore industrial cooperation and investment opportunities, he acknowledged that international standard infrastructure and services were being provided to the SEZs, which was commendable.

The ICCI chief, along with a 45-member delegation, noted that the SEZs were providing an ideal environment for investment. He voiced hope that the FIEDMC SEZs would attract domestic and foreign investment and make significant contribution to economic stability in the country.

Khan highlighted that the ICCI was working with the federal and provincial governments for a new industrial estate in Islamabad and hoped that the FIEDMC would cooperate by sharing its expertise and experience in developing it. He revealed that some of the members of the ICCI delegation had shown keen interest in investing in the FIEDMC SEZs.

Moreover, he announced that he would bring a delegation of foreign diplomats from Islamabad to the FIEDMC to show them the investment potential so that they could encourage investors of their respective countries to invest.

Revealing his plans, he said the ICCI would open a facilitation desk to brief prospective investors and foreign delegations about investment potential in the SEZs.

Speaking on the occasion, FIEDMC Chairman Mian Kashif Ashfaq told the delegation that the industrial estate was ready to provide a separate cluster of 200 to 300 acres in the Allama Iqbal Industrial City to the ICCI members for setting up industrial units.

He said in the cluster all the required facilities would be provided to the investors as per their needs on a priority basis. “Development work in the Allama Iqbal Industrial City is in full swing and five major industrial units have already started construction of their production plants,” he added.

Ashfaq said investors of the economic zone would be provided with cheaper electricity as compared to the market rate from next year. Even at present 5 megawatts of electricity was being supplied to the Allama Iqbal Industrial City, which would soon be increased by 20MW while National Transmission and Despatch Company (NTDC) directly provided 500MW to the FIEDMC, he said.

Ashfaq added that a utility service centre was being set up in the industrial city for the convenience of investors where representatives of Faisalabad Electric Supply Company (Fesco) and Sui Northern Gas Pipelines Limited (SNGPL) would be present to provide electricity and gas connections and the investors would not have to visit head offices of these institutions.

Published in The Express Tribune, December 8^th, 2020.

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