Industrial estate: Chinese firm to invest $2b
FIEDMC is spread over 4,500 acres of land with expected investment of billions of dollars STOCK IMAGE
The international branding of the Faisalabad Industrial Estate Development and Management Company (FIEDMC) reflects the global trust in the organised and futuristic industrial development of this dynamic city, said Faisalabad Chamber of Commerce and Industry (FCCI) President Engineer Rizwan Ashraf.
Speaking at a presentation arranged by FIEDMC, he said China’s Shandong Ruyi, which is expected to invest $2 billion, is convinced that FIEDMC will provide the best infrastructure with internationally compliant environment in addition to providing trained and skilled manpower.
Chief Operating Officer Amer Saleemi said that FIEDMC is spread over 4,500 acres of land with expected investment of billions of dollars, which will add 2% to the country’s gross domestic product. FIEDMC Chairman Khawaja Asim Khurshid said there was tremendous pressure to increase the prices of plots, but despite that the plots were still available at the six-year-old rates.
He said the Chinese company has planned to set up a state-of-the-art weaving unit of 650,000 spindles with a 270-megawatt coal-fired power plant in the first phase over 1,000 acres of land.
Published in The Express Tribune, February 19th, 2015.