Incentives: FIEDMC to build duty-free export estate in Faisalabad
Industrial units will enjoy tax exemption for 10 years.
This would be the first modern export-oriented industrial zone spread over 500 acres. PHOTO: FILE
FAISALABAD:
The Faisalabad Industrial Estate Development and Management Company (FIEDMC) has signed a memorandum of understanding (MoU) with the Export Processing Zone Authority (EPZA) for establishing a duty-free export estate in Faisalabad.
This would be the first modern export-oriented industrial zone spread over 500 acres.
“All industries within the export processing zone will be exempted from tax for a period of 10 years and plants, machinery, raw material and other equipment will be imported duty-free,” said FIEDMC Chief Executive Officer Amir Saleemi.
He added not only Pakistani investors and businessmen, but international companies are also interested in installing their units in the industrial estate. Billions of rupees will be invested by overseas Pakistanis from the United Arab Emirates, United Kingdom and other countries in this venture.
Another major project of the FIEDMC is to provide space within the zone to the textile weaving sector. The weaving and sizing factories are part of home-based industry and the owners mostly consist of small and medium-sized businessmen who cannot bear the cost of land and infrastructure.
FIEDMC will facilitate them in building their units at one place. Buildings, halls, offices, stores and electricity will be provided by the company and the owners will just have install machinery, start work and pay monthly rent of the property. They will also get access to the latest and modern machinery to manufacture goods according to international standards.
He said small millers could not bear losses and they were fed up with frequent power cuts, which were gradually damaging their business.
“We will provide these millers with uninterrupted power supply since they need electricity 24 hours a day to run their mills. This will enable them to earn handsome revenues,” he said.
“We are not only facilitating big and giant textile millers, but also coming up with the project for the benefit and promotion of small and medium businesses. The project is very lucrative and will help strengthen the national economy.”
Published in The Express Tribune, June 22nd, 2014.
The Faisalabad Industrial Estate Development and Management Company (FIEDMC) has signed a memorandum of understanding (MoU) with the Export Processing Zone Authority (EPZA) for establishing a duty-free export estate in Faisalabad.
This would be the first modern export-oriented industrial zone spread over 500 acres.
“All industries within the export processing zone will be exempted from tax for a period of 10 years and plants, machinery, raw material and other equipment will be imported duty-free,” said FIEDMC Chief Executive Officer Amir Saleemi.
He added not only Pakistani investors and businessmen, but international companies are also interested in installing their units in the industrial estate. Billions of rupees will be invested by overseas Pakistanis from the United Arab Emirates, United Kingdom and other countries in this venture.
Another major project of the FIEDMC is to provide space within the zone to the textile weaving sector. The weaving and sizing factories are part of home-based industry and the owners mostly consist of small and medium-sized businessmen who cannot bear the cost of land and infrastructure.
FIEDMC will facilitate them in building their units at one place. Buildings, halls, offices, stores and electricity will be provided by the company and the owners will just have install machinery, start work and pay monthly rent of the property. They will also get access to the latest and modern machinery to manufacture goods according to international standards.
He said small millers could not bear losses and they were fed up with frequent power cuts, which were gradually damaging their business.
“We will provide these millers with uninterrupted power supply since they need electricity 24 hours a day to run their mills. This will enable them to earn handsome revenues,” he said.
“We are not only facilitating big and giant textile millers, but also coming up with the project for the benefit and promotion of small and medium businesses. The project is very lucrative and will help strengthen the national economy.”
Published in The Express Tribune, June 22nd, 2014.