Govt seeks foreign investment, technology through development of SEZs: says Mian Kashif

Business Report

ISLAMABAD: Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq Wednesday said the government is prioritizing development of Special Economic Zones (SEZs) especially Allama Iqbal Industrial City for attracting Foreign Direct Investment and transfer of technology into the country. He expressed these views while talking to a delegation of investors who called on him Wednesday. Mian Kashif said the prioritized Special Economic Zone, Allama Iqbal Industrial City of FIEDMC under CPEC is primarily focused on industrialization that result in export promotion, import substitution, transfer of technologies and employment generation, which are the Primary targets of the government as well. He said the government is ready to bring amendments in the SEZ Act 2012 to cater for Prime Minister Imran Khan’s vision to promote the entire Service Sector such as knowledge and Information Technology (IT) SEZs, tourism including health, cultural, and geographic etc, through Integrated Tourism Zones. Mian Kashif said an incentives package to attract meaningful export led, import substituting and labour intensive industrialization through local and foreign investors including the expected Chinese relocation of industries in the SEZs has been prepared by board of Investment, which has been submitted for the approval of the Economic Coordination Committee of the Cabinet. He said this package not only includes extension of the already provided incentives but also some additional benefits for the developers and zone enterprises subject to the approval of the ECC. He urged the investors to take steps for exploiting the economic and trade opportunities expected in the wake of post COVID-19 pandemic. He said the pandemic would bring a paradigm shift, hence create great opportunities adding the coronavirus had changed the world and now the business processes would be completely different. Highlighting the distinctive features of Allama Iqbal Industrial City to them, he said, approximately Rs450 billion foreign and local investments would be pumped into this project and development project is being carried out on fast track. FIDEMC always provided state-of-the-art facilities to its customers besides resolving their issues through one-window operation on top priority basis. He said the investors’ confidence was being restored after completion of M3 project. He said many European countries were keen to invest in various economic sectors of Pakistan especially in newly-launched state-of-the-art Allama Iqbal Industrial Estate. Kashif Ashfaq said FIEDMC, following the vision of Prime Minister Imran Khan, was extending maximum facilities and services to businessmen under one roof for ease of doing business in the province.