After the launch of the China Pakistan Economic Corridor (CPEC) first Special Economic Zone (SEZ), Rashakai SEZ, the colonization of the second SEZ, Allama Iqbal Industrial City (AIIC) Faisalabad begins with Rs.53.6 bn Investment.
As per details, a meeting of the AIIC SEZ Committee was held on 5th March 2021, approving 15 applicants and allotting land of 320 acres.
Applicants include a Chinese Firm Zhengbang Agriculture Pakistan Pvt Ltd with a plan Rs. 800 m investment. Amongst other 14 local firms, Zahid Jee Textile Mills, Ocean Ceramics & Ittehad Metals to initiate business establishments worth Rs.11.8 billion, Rs. 11.2bn and Rs. 7.5bn, respectively.
Meanwhile, a meeting of the Vehari SEZ Committee approved its 1st zone enterprise. The colonization of this zone started with admission of a firm Suraya Aslam Paper Private Limited to establish a project worth Rs. 100 million.
The SEZ Committee of Rahimyar Khan allotted land and approved zone entry to Naseem Export Private Limited with a planed Rs 4.5 billion investment.
The applications for zone enterprise entry and allotment of land were submitted and processed via SEZ’s MIS Module designed by the Federal BOI recently. The module ensures transparency & works as a one window operation: a vision of the government to ensure ease of doing business.
Along with the allotment of land, these enterprises are now entitled to SEZ’s benefits, including custom duties and tax exemption under the SEZ Act 2012.
Atif R. Bokhari, Chairman BOI while appreciating the development, said that automation process of SEZs, envisioned by the PM Imran Khan is now bearing fruits. The SEZ MIS Module was approved to facilitate investors to gain admission in zones and ensure transparency.
Secretary BOI Fareena Mazhar stated that int'l investors could easily avail the opportunity to identify & select the potential locations for setting up their units in SEZs in Pakistan. Secretary BOI further stated that the Federal Board of Investment will ensure handholding of local & foreign investors and the provinces at every stage of the industrial development process in Pakistan.