Advisor to Prime Minister of Pakistan on Commerce, Abdul Razak Dawood, announced a new strategy to attract investments in FIEDMC’s Allama Iqbal Industrial City. As per this strategy government plans to involve trade and investment officers in Pakistan’s missions abroad, so as to attract maximum investment in the Allama Iqbal Industrial City (AIIC). De-facto commerce minister announced this in a meeting with Mian Kashif Ashfaq, Chairman FIEDMC.
AIIC is a CPEC-prioritised Special Economic Zone (SEZ) of the Faisalabad Industrial Estate Development and Management Company. PM’s support for FIEDMC and its industrial zones has been consistent and this stance has been appreciated by the officials of FIEDMC repeatedly.
Dawood met with FIEDMC Chairman, Mian Kashif Ashfaq in the federal capital on the 20th of May. He explained that Pakistan’s trade and investment officers (in over 50 countries) will be duty bound to link prospective investors with FIEDMC’s one-window-operation. Dawood added, that in addition to this “The ministry has tasked said officers to explore new and viable markets for new products; this will ensure that orders of Pakistani exporters are not cancelled”.
In an exclusive interview, “Pakistan’s Special Economic Zones: Challenges & Opportunities ahead”, with Ms. Najma Minhas, Managing Editor,Global Village Space Magazine that appeared in the May issue, Mian Kashif had pointed out that while work in the SEZ of Allama Iqbal Industrial City (AIIC) continued during the pandemic related lockdowns the overall business climate in the world has made things harder for investment flows. Here is a link to that exclusive interview:
Pakistan’s Special Economic Zones: Challenges & Opportunities ahead
Razzaq Dawood, Advisor on Commerce to PM of Pakistan, took cognisance of this new challenge being faced by the SEZs, investments and exports in general and added that the government was committed to formulate comprehensive solutions to warrant sustainable economic growth, given the COVID-19 outbreak. Muhammad Aamir Saleemi, FIEDMC COO, among other technical experts, was also present on the occasion.
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FIEDMC Chairman’s brief on the occasion
While addressing the attendees, Mian Kashif unfolded the distinctive features of Allama Iqbal Industrial City. He shared that this project, alone, will house as many as 400 industries besides employing 250,000 people.
The FIEDMC Chairman expects AIIC to receive investments worth Rs 450 billion – foreign and local investments; specially, because this development project is progressing on a fast-track basis. He maintained that FIEDMC’s priority is to provide state-of-the-art facilities along with a one-window-operation to its customers. He believes that the confidence of the investors is being restored, now that the M3 project is complete.
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Mian Kashif then proceeded to appreciate the economic policies of Prime Minister Imran Khan and his economic team. He commended the government’s efforts to overcome the balance of payment issue by focusing on the development of various economic sectors. He also acknowledged Razak Dawood’s role in the redressal of business community’s woes, calling them “admirable”; adding that his untiring efforts have infused confidence in the business community.
The FIEDMC Chairman then discusses the importance of technological advancement in all sectors of the economy. He believes that it is vital to achieve a higher growth rate and eventually enter the local producers in the international market.
Mian Kashif lauded PM’s support for FIEDMC and its projects; adding that his honesty and credibility has encouraged the local and foreign investors to invest in Pakistan.
FIEDMC and its Industrial Cities
Faisalabad Industrial Estate Development and Management Company (FIEDMC) is a Public-Private Partnership (PPP) entity between the Punjab government and the Faisalabad business community. The Government of Punjab set up this entity in 2004 as a public listed company, established by the Government of Punjab. Jahangir Khan Tareen undertook this whole operation during his tenure as ‘Adviser to CM Punjab on Special Initiatives’.
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Since FIEDMC’s inception, it has successfully constructed three industrial estates along Faisalabad motorway; namely: M-3 Industrial City, Value Addition City and the latest, Allama Iqbal Industrial City (AIIC).
Allama Iqbal Industrial City saw its groundbreaking at the hands of Prime Minister Imran Khan, on Friday 3rd January 2020. It expands over an area of 3200 acres and is the first prioritized CPEC special economic zone. The economic zone is strategically located opposite M-3 Industrial City and interconnected through flyover at Sahianwala Interchange, Motorway M-4, Faisalabad.