Industrial City To Create 300,000 Jobs, Attract Rs400 bn Investment
Faisalabad: Prime Minister Imran Khan Friday (Jan 3, 2020) performed groundbreaking of Allama Iqbal Industrial City of Faisalabad, being established under China Pakistan Economic Corridor and expected to create around 300,000 jobs and attract Rs400 billion investment to the country.
During the day-long visit here, the prime minister performed groundbreaking of the gigantic project before unveiling a plaque and also planted a sapling at the project site as part of his 10 Billion Tree Tsunami and as an indication that the industrialization should never be made at the cost of environment.
Federal Planning Minister Asad Umar, Adviser to PM on Commerce Abdul Razzak Dawood, Chief Minister of Punjab Sardar Usman Buzdar, Punjab Governor Chaudhry Muhammad Sarwar and provincial ministers were also present on the occasion.
The prime minister was briefed about the timeline and significance of the project that is expected to create 300,000 job opportunities for the people of Punjab during the next five years and is in line with prime minister’s vision of creating 10 million jobs.
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The project will attract approximately Rs400 billion investment in automobiles, value added textiles, engineering, pharmaceuticals, food processing, chemicals, construction materials, FGCG and packaging sectors. It will contribute to the GDP of Pakistan, increase the exports of the country and would also encourage the import substitution.
In total, nine Special Economic Zones had been planned under China Pakistan Economic Corridor (CPEC) Industrial Cooperation Framework. Out of these, three have been declared as Prioritized Special Economic Zones by the governments of Pakistan and China including Allama Iqbal Industrial City of Faisalabad, Rashakai SEZ in KPK and Dhabajee SEZ in Sindh.
Under CPEC industrial cooperation, the Government of Pakistan expects huge industrial relocation.
Strategically located on Motorway M4 at Sahianwala Interchange, Allama Iqbal Industrial City of Faisalabad is the first Prioritized Special Economic Zone in Pakistan. The first phase of the project would be completed by year 2021.
Keeping in view the importance of CPEC, the Government of the Punjab has placed the project on high priority and is providing all the necessary support for its early completion.
M-3 Industrial City SEZ of Faisalabad Industrial Estate Development and Management Company is the success story, which has attracted foreign direct investments from China, Turkey, Korea, Europe and Japan.
The project has the distinction of hosting maximum number of private sector Chinese companies in Pakistan and the number is increasing day by day due to its excellent infrastructure and professional management.