Pakistan will set up a Special Economic Zone (SEZ) for Chinese investors in Allama Iqbal Industrial City (AIIC) under the China-Pakistan Economic Corridor (CPEC).
According to a report published by Gwadar Pro on Monday, the project would be completed within two years.
The report quoting Mian Kashif Ashfaq, Chairman of the Faisalabad Industrial Estate Development and Management Company (FIEDMC) as having said, only Chinese investors would be allowed to relocate their industries to that SEZ.
“Industry to be relocated in AIIC includes automobile, ceramics, steel and light engineering,” he said, adding that 30 companies had already invested more than Rs one billion in the M3 industrial city, another project by FIEDMC.
“Several Chinese companies are in touch with us to invest in AIIC. Creation of a separate SEZ for the Chinese will bring more investment and promote industrialization in Pakistan,” he said.
Development of this SEZ would be carried out by Chinese companies, he said.
“These companies would also market the SEZ and bring in Chinese investors,” Ashfaq said. Now AIIC has become the most preferred destination for the Chinese investors.