First Phase of Allama Iqbal Industrial City Under CPEC Complete
Islamabad: Under the China Pakistan Economic Corridor (CPEC), the first Special Economic Zone (SEZ) of Punjab, Allama Iqbal Industrial City, has finished its first phase.
Mian Kashif Ashfaq, chairman of the Faisalabad Industrial Estate Development and Management Company (FIEDMC), said that Prime Minister Imran Khan had stated that nearly 20 industrial units had begun production, covering one third of the land in the first phase of the Allama Iqbal Industrial City. The remaining units would begin operations by the end of the year.
According to Mian Kashif, industrial plots are being allocated to export-based enterprises, import-substitute sectors, and the relocation of local industries in accordance with the open policy of Punjab Chief Minister Usman Buzdar.
He claimed to have recently attended a meeting with the prime minister, who expressed optimism for the nation’s future and a strong commitment to offering the best incentives possible to both domestic and foreign investors in order to increase industrial production and strengthen the national economy, which will guarantee better living conditions for the lower classes of society.
He said that the 500 MW grid station and 40 MMCF gas were previously approved by the PM to suit the needs of the industrial units. He said that thus far, Rs 7.5 billion has been spent on the first phase’s completion.
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