Minister of State and Chairman Board of Investment of Pakistan, Atif R. Bokhari Saturday said the government would take special measures to facilitate local and foreign investors to bring in more investment to Allama Iqbal Industrial City, a prioritized Special Economic Zone (SEZ) of Faisalabad Industrial Estate Development and Management Company (FIEDMC) to accelerate pace of development.
He expressed these views while talking to Chairman FIEDMC Mian Kashif Ashfaq who called on him here today.
Atif Bokhari said they would also have a new act through parliament to make sure the presence of all the federal and provincial departments in One Window Operation of FIEDMC so that all hurdles would be removed on the spot.
He said road shows would be conducted in different countries of the world through joint venture of BOI and FIEDMC to attract foreign investment. He further said there is expected official tour of President of China in Pakistan and FIEDMC should take preparation in this regard to welcome delegations of Chinese investors.
Atif Bokhari said the government has been working to improve all the nine indicators of ‘Ease of Doing Business’ including starting business, paying taxes, getting credit, resolving insolvency, getting construction permits, trading across the borders, property registrations, getting electricity and enforcing contracts to be implemented for attracting the foreign investment in the country.
He also appreciated FIEDMC Chairman Mian Kashif Ashfaq for his untiring efforts to accelerate development process of Allama Iqbal Industrial City.
Both Chairmen BOI and FIEDMC also discussed the investment prospects available in the country and the areas and fields where foreign investors could show interest and make investments leading to overall economic development and increase in the GDP growth rate.
The problems faced by the foreign investors post COVID-19 environment were also discussed.
On this occasion, Mian Kashif Ashfaq said Allama Iqbal Industrial City is being built as a priority project under the China-Pakistan Economic Corridor (CPEC) framework. It is being set up under direct orders from Prime Minister (PM) Imran Khan. He said that completion of this project would mark the start of an industrial era for the country.
He said that the industries being set up in AIIC would enjoy 10-year tax exemption on import of machinery. Additional facilities planned for the industrial city include a technical university.
The FIEDMC chairman also revealed that the company would collaborate with the Naya Pakistan Housing Authority (NPHA) and construct 10,000 flats for Allama Iqbal Industrial City labourers and a shuttle train would be launched soon for commuting them from one place to another. He said that on the pattern of Faisalabad Express, another new road from Sahianwala to Chiniot will be constructed to get easy access to Special Economic Zone (SEZ).
Mian Kashif Ashfaq also invited Chairman BOI Atif Bokhari to visit FIEDMC to review the progress of different projects which was accepted and Atif Bokhari assured him to come to Allama Iqbal Industrial City after Eid holidays. —INP