Rs 2.5 billion allocated for M-3 Industrial City project, says FIEDMC chief
Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chairman Mian Kashif Ashfaq on Wednesday said about Rs 2.5 billion have been allocated for the development projects of state of the art M-3 Industrial City.
The decision was taken at a board meeting chaired by him here today in which it was also decided that on the pattern of Faisalabad Express, another new road from Sahianwala to Chiniot will be constructed to get easy access to Special Economic Zone (SEZ).
Besides this, Chairman FIEDMC also approved to build two new grid stations to generate 40 megawatt electricity for M-3 Industrial City and the meeting also gave go ahead for Safe City Project to protect lives and properties of the investors and industrialists.
The meeting also reviewed the progress of ongoing development projects of Allama Iqbal Industrial City and the approval was also given for the initial construction of 20 megawatt grid station for provision of electricity to this industrial city.
Mian Kashif Ashfaq on this occasion said FIEDMC had received encouraging response from investors and a few international companies had also signed memoranda of understanding (MOUs) for injecting capital into the SEZ.
He was of the view that the industrial city would attract millions of dollars in foreign direct investment.
He said a sizable portion has been allocated for promotion of Small and Medium Enterprise (SME) sector and this portion would not only facilitate small traders but also promote new SMEs in the industrial estate.
Mian Kashif further said the SEZ is socially compliant already approved by environment protection department along with centralized security system on the pattern of Lahore Safe City like surveillance mechanism. "The M3-City will have warehouse and dry ports facilities, other than an Expo Centre, commercial areas, hotels, banks, restaurants, coffee shops, modern hospital equipped with trauma centre, labour colonies and aerodrome/helipad," he concluded.
Copyright Business Recorder, 2019
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