'Allama Iqbal Industrial City': Chinese delegation visits FIEDMC project

A high-level delegation f Chinese investors on Wednesday visited Allama Iqbal Industrial City, a mega project of special economic zone (SEZ) of Faisalabad Industrial Estate Development and Management Company (FIEDMC) under CPEC to strengthen bilateral trade relations through exploring business potential and investment opportunities.

According to a spokesman, FIEDMC Chairman Mian Kashif Ashfaq and Chief Operating Officer Muhammad Aamer Saleemi apprised the delegation of the project's development. Both the sides discussed issues for improvement in various sectors and projects.

Highlighting the development projects, Mian Kashif Ashfaq said that around Rs 57 billion foreign and local investments will be injected into various projects, which clearly indicates that investors have reposed complete confidence in the present regime. "More than 25 Chinese companies had made agreements for investments in the industrial city," he added.

He said that Allama Iqbal Industrial City has been planned over an area of 4000 acres, which is strategically located on Motorway M-4 near Sahianwala Interchange, Faisalabad.

He further said 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.

He said the importance of CPEC as a strategic alternative is immense, leveraging the economic opportunities that it can unleash its strategic significance and bring prosperity, peace, as well as stability in the whole region.

Representatives of the Chinese delegation said Pakistan and China were all-weather strategic co-operative partners and their partnership was aimed at promoting peace, development and prosperity in the region. They also emphasized that the special relationship between the two countries was reflected in expression of warmth by the Chinese people towards Pakistan at every occasion. They stressed that the Chinese investors were confident about Pakistan's economic potential and hoped that the economic relationship between the two countries would reach the level of their excellence.

Copyright Business Recorder, 2019