LAHORE: China Pakistan Economic Corridor (CEPC) Authority Chairman Lt. Gen. ® Asim Bajwa has met Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chairman Mian Kashif Ashfaq and discussed in length the development works at Economic Zone Allama Iqbal Industrial City.
Allama Iqbal Industrial City project’s master plan is underway and the project will be completed by October 2020.
The FEDMIC Chairman provided detailed information about Allama Iqbal Industrial City’s state-of-the-art health city. furniture city and others.
Mian Kashif Ashfaq also gave a detailed briefing on Chinese, Asian, European, Turkey and Saudi blocks where foreign companies will install their companies providing a wide range of employment to the youth.
“Over 890 acres of land has been allocated for the City while 29 foreign companies have contacted the authorities to set up their units,” the chairman FEDMIC said adding that more companies are in contact.
CPEC chairman Asim Bajwa assured FEDMIC chairman all out support for the development of the city.
Top officials of CEPC Authority, Board of Investment and Ministry of Production and Industry were also present on the occasion.
Earlier Mian Kashif Ashfaq informed that Allama Iqbal Industrial City will generate approximately 70,000 new jobs within a year.
Ashfaq claimed the Allama Iqbal Industrial City, inaugurated by Prime Minister Imran Khan earlier this month, had attracted great interest from investors across the world.
He said this was the third project launched by FIEDMC, noting that both the M-3 Industrial City and the Value Addition City had proven to be successful.
According to the Ashfaq, over Rs 357 billion had been invested in the special economic zones already.
He said the government had announced that all companies investing in the zones would be granted a 10-year tax break as well as duty free imports of plants, machinery, raw material and other equipment.
The FIEDMC chairman said the organization was currently negotiating with Germany’s GIZ, the Fauji Foundation and the Punjab Vocational Training Council to secure the skilled manpower that would be required by the zones.
Under the proposed deals, the institutions would be provided land to set up training centers, which he said, would work in line with industry demands to ensure the students were imparted all necessary expertise. In addition, he said, the technical institutions already operating in Pakistan would also be included in this project to maximize the training potential.
Ashfaq said the training would focus on fulfilling the needs of various industrial sectors, and the government would provide the workers provisional contracts so they would be assured of receiving employment immediately upon completing their instruction. He said the zones were also seeking to hire up to 20,000 locals who spoke Chinese to facilitate the industries.
The FIEDMC chairman hailed mega projects and the special economic zones as harbingers of the industrial revolution in Pakistan. He said initially the export-oriented industry would be preferred, followed by the import substitution industry, and then the local industry.