ICCI, RDA to set up industrial zone

Ink mou to develop industrial area along Ring Road

ISLAMABAD:

The Islamabad Chamber of Commerce and Industry (ICCI) and the Rawalpindi Development Authority (RDA) signed a memorandum of understanding (MoU) to establish a framework of cooperation between the two organisations on Monday.

As per the agreement, both the organisations will carry out joint efforts to establish an industrial estate alongside the Rawalpindi Ring Road (R3) project on a Public-Private Partnership (PPP) model to be known as the ‘ICCI Islamabad Industrial Estate’, a statement said on Monday.

ICCI President Sardar Yasir Ilyas Khan said that Pakistan's progress and prosperity is linked to industrialisation and hoped that the signing of the MoU would be instrumental in setting up a new industrial estate to boost investment and start a new era of rapid industrial growth in the region.

He urged the government to extend the construction package for another year to attract maximum investment. He further insisted the government to set up a real estate regulatory authority in order to regulate the activities in the construction and real estate sector as well as promote regulated businesses in the field.

RDA Chairman Raja Tariq Mehmood said that his organisation would make all possible efforts for the establishment of an ICCI Industrial Estate as this project is in the best national interest and would be helpful in attracting local and foreign investment to the region.

He shared that the project would also create plenty of new jobs and contribute towards tax revenue of the country, therefore, its early materialisation would support the efforts for stabilising the economy. “By signing this MoU, ICCI shall arrange preparation of technical and financial feasibility for industrial estate project and submit those to RDA for evaluation and approval,” he added.

The chairman further noted that ICCI shall also help in generating partial funding for acquisition of land for industrial estate while RDA shall acquire the required land from the land owners and commit industrial plots to the investors who will be providing funding for land acquisition.

The president mentioned that ICCI shall mobilise investors for investment in the industrial estate to set up small, medium and large-scale industries in order to produce manufactured and export-oriented products. He added that the authority will also assist RDA towards formalisation of the industrial estate by holding meetings with the relevant departments of the Punjab and federal governments.

Moreover, ICCI in consultation with RDA shall help finalise modalities and standard operating procedures for the sale or purchase of plots in the industrial estate, the agreement stated, adding that RDA shall acquire required land for the ICCI Industrial Estate and shall get notified of the acquired land from the Punjab Government.

The agreement noted that RDA shall earmark the land after approval of feasibility for ICCI Industrial Estate project and determine sizes and modalities for sale of industrial plots in consultation with ICCI.

Published in The Express Tribune, December 29^th, 2020.