Faisalabad Industrial Estate Development and Management Company (FIEDMC) is currently one of the most active Public-Private partnerships of Pakistan. Since the inauguration of their successful special economic zone (SEZ), Allama Iqbal Industrial City (AIIC), FIEDMC has invited several local and international corporations to invest in their stat-of-the-art industrial estates.
On their recent trip to Europe, FIEDMC hosted a road show in London. This got a tremendous response from foreign investors showing keen interest in the first ever prioritized Special Economic Zone, Allama Iqbal Industrial City kicked off by Prime Minister Imran Khan.
Talking to media personnel after his return from UK, FIEDMC Chairman Mian Kashif Ashfaq said, ‘the overseas Pakistanis are increasingly showing their overwhelming confidence in the leadership of Prime Minister Imran Khan as indicators of all global financial institutions were projecting Pakistan as a destination for secure and profitable investment”.
PHC and FIEDMC held first Road Show in London on “ Investment Opportunities in Allama Iqbal SEZ, Fbd. Governor Punjab was Chief Guest. Exc. Mr Nafees Zakaria and Chairman FIEDMC highlighted Investment opportunities in Pakistan under CPEC. @ansukhera @ZakariaNafees @Emergingpk pic.twitter.com/C41oJCtxId
— Pakistan Trade Mission, London (@TIC_LONDON) March 5, 2020
In fact, Governor Punjab, Chaudhry Muhammad Sarwar also appreciated FIEDMC’s efforts, ‘Faisalabad Industrial Estate Development and Management Company (FIEDMC) Road Show in London would further attract international investments and strengthen links with multinational companies and institutional investors’.
Chaudhry Muhammad Sarwar expressed these views in a reception held in his honor at Manchester by FIEDMC Chairman Mian Kashif Ashfaq. He acknowledged that FIEDMC is playing vital role for attracting foreign investment for its first prioritized special economic zone – Allama Iqbal Industrial City (AIIC) under the China-Pakistan Economic Corridor (CPEC). ‘The entire world is now having trust in Pakistan as they all know that Pakistan is now being ruled by honest leadership under Imran khan’, he said.
Talking on the subject, Mian Kashif commented that under CPEC flagship projects, Special Economic Zones (SEZs) have been created with substantial incentives to facilitate foreign investors who are interested in establishing their industries and other business projects in these zones. He added that Pakistan would encourage more British Pakistani and overseas investors in these SEZs, including FIEDMC.
Read more: PIEDMC: PM approves new industrial estates!
Mian Kashif further shared that his organization was playing an important role for attracting investments for its first prioritized SEZ under CPEC – Allama Iqbal Industrial City (AIIC) – with all the mandatory utilities of land, gas, water and electricity to the investors. He said that a one-window operation has been established in the zone to facilitate and guide the investors with tax incentives.
During his trip to Europe, Mian Kashif had also shared how several German and Italian companies were expressing keen interest in the Allama Iqbal Industrial City. In fact, he had announced that the investors and manufacturers’ delegation from Germany would soon visit Pakistan to explore business opportunities in the local market and FIEDMC would provide them all required assistance in this regard.
On a separate occasion, while highlighting the FIEDMC development projects and potential, Mian Kashif explained that a sum of Rs. 357 billion (foreign and local investment) is expected to flow into various projects, which indicates that investors already have complete confidence in the present regime.
Other foreign investors
Apart from UK, entrepreneurs from the US have also shown interest to invest in Allama Iqbal Industrial City due to immense market potential of the country and improved governance. This was disclosed during meeting of Pakistan American Business Forum with Chairman FIEDMC, Mian Kashif Ashfaq.
‘There is a huge potential in Pakistan’s agriculture, livestock and food processing and seafood sectors for US companies and the US businessmen are ready to explore the new investment friendly business environment offered by the zone’, President Pakistan American Business Forum, Riaz Hussain, said while talking to Chairman FIEDMC.
Moreover, Mian Kashif also announced, “(by early 2020) more than 25 Chinese companies had made agreements for investments in the industrial city”.
FIEDMC constructed three successful economic zones along Faisalabad’s motorway in the next decade, namely, M-3 Industrial City, Value-added City and Allama Iqbal Industrial City
In fact, sources reveal that an American Biomedical Engineering Company recently confirmed a deal with FIEDMC to setup the first-ever manufacturing unit of biomedical equipment in Allama Iqbal Industrial City. According to sources, Company Director, Dr Usman Mustafa, called on FIEDMC Chairman Mian Kashif Ashfaq himself for acquiring the industrial plot.
Dr. Usman Mustafa also shared that at the early stages, the company will produce only those biomedical products or disposables, which are being used for cardiac surgeries or its treatment; this will be followed by heart stents and other modern medical equipment to meet the local needs.
FIEDMC and Allama Iqbal Industrial City (AIIC)
Faisalabad Industrial Estate Development and Management Company (FIEDMC) came into existence to benefit from Public Private Partnership Authority (PPPA), in 2004, when the idea of Special Economic Zones was first conceived by Jehangir Khan Tareen during his tenure as minister with the PML-Q government in Punjab.
FIEDMC, as a Public-Private Partnership Entity was established by the Government of Punjab and formally registered under section 42 of Companies Ordinance 1984, with the aim to promote economic development of Pakistan through the establishment of specialized industrial estates.
Allama Iqbal Industrial City will take Punjab towards #IndustrialRevival which we promised in our manifesto.
The biggest Special Economic Zone will create 3 Lac direct and 1 Million indirect job opportunities, 400 billion investment with a capacity of 557 plus industries. pic.twitter.com/q2DxgQwFhh
— Usman Buzdar (@UsmanAKBuzdar) January 3, 2020
After this, FIEDMC constructed three successful economic zones along Faisalabad’s motorway in the next decade, namely, M-3 Industrial City, Value-added City and Allama Iqbal Industrial City. From these, AIIC is a prioritized Special Economic Zone (SEZ) of FIEDMC.
Inaugurated by the Prime Minister Imran Khan, on 3rd January, AIIC is the first of the nine CPEC linked SEZs that has effectively left the stage of design, discussion and approvals, and has materialized on the ground with its structure – complete with access roads and commitments of investments from national and international stakeholders. Planned over an area of more than 3000 acres, it is strategically located on Motorway M-4 near Sahianwala Interchange, Faisalabad.
Read more: Asad Umar encourages Britain’s investment in CPEC’s economic zones
This has given the business community in Punjab, led by FIEDMC, a somewhat front-running lead over similar initiatives being planned in KP and Sindh – Rashakai and Dhabeji, respectively.