Industrialization Gaining Momentum In Faisalabad Owing To Govt Policies

Industrialization gaining momentum in Faisalabad owing to govt policies

FAISALABAD, (UrduPoint / Pakistan Point News - 30th Jun, 2019 ) ::Planned and systematic efforts by present government have yielded positive results and industrial activities have gained momentum which would ultimately help Pakistan to achieve its export target in addition to discouraging the unrestricted imports.

Immediately, after taking over the power the present government introduced new measures to trim down the cost of doing business in addition to facilitating the industrial sector which is of key importance in bridging the import export gap. The government decided to provide electricity and gas at the international level competitive rates to the export sector so that the production cost could be trimmed and exporters could get maximum orders.

The government policies paid positive dividends by catalyzing industrial and commercial activities in Faisalabad, the main economic hub of Pakistan. Faisalabad also known as "Manchester" of Pakistan has started its journey from developing its power loom sector but now it has state-of-the-art industrial units which are manufacturing quality products for export in addition to providing much needed jobs for the unemployed youth.

President Faisalabad Chamber of Commerce and Industry (FCCI) Syed Zia Alumdar Hussain said that Faisalabad was strategically located in the heart of Pakistan and was flanked by two motorways passing from its eastern and western sides. He said that this city has a unique privilege to contribute 60 percent towards textile exports and 45 percent towards total exports of the country.

He further said that it was not only restricted to textile which was its iconic identification but hundreds of SMEs hailing from chemicals, steel, food processing and others were also playing their role in the overall economy of Pakistan.

Mian Kashif Ashfaq Chairman FIEDMC said that present government took practical steps to revive industrial sector and attract maximum Foreign Direct Investment (FDI) in the country. In this connection, government has decided to develop a state-of-the-art Allama Iqbal Industrial City which is adjacent to the existing Special Economic Zone of M-3 Industrial Estate and located in close proximity with Sahianwala Interchange of Motorway (M-3). He said that this job has been entrusted to Faisalabad Industrial Estate Development and Management Company (FIEDMC) which has already successfully completed a number of projects including Value Addition City and M-3 Industrial Estate.

Almost hundred percent plots in M-3 Industrial Estate have already been sold out, he said adding while hundreds of units have become operational and were playing their role in providing exportable surplus in addition to accommodating thousands of workers.

Giving details about Allama Iqbal Industrial City, he said that it was sprawling over approximately 3300 acres of land and would be a part of China Pakistan Economic Corridor (CPEC). He said that the government was expecting that Chinese would establish new units in this city as well as relocation of their Industrial units from China so that they could export their products to middle East, Europe and America by cutting down transportation cost. He said that special incentives in addition to tax holiday would be provided to attract maximum FDI in this industrial city. He said that the process to acquire land for this industrial city has almost been completed and now the Punjab government has allocated Rs. 23 billion to develop state-of-the-art infrastructure in this industrial city. He said that the industrial city would house more than 400, textile, steel, pharmaceutical, engineering, chemical, food processing, plastic and agriculture appliances units in addition to providing jobs to 250 thousand workers. He claimed that the city was also expected to attract Rs. 400 billion local and foreign direct investment which would help Pakistan to stabilize its economy.

Renowned industrialist and former senior vice president FCCI Engineer Ahmad Hasan said that Allama Iqbal Industrial City of Faisalabad project would be one of the leading industrial estates of Pakistan because of its geo-strategic location. He said that the units housed in the industrial estate could easily make their exports to any part of the world. "This project will certainly attract maximum investment from Pakistan as well as from abroad which will pave way for early colonization of this mega project", he added.

Chairman Power Loom Owners Association Wahid Khaliq Ramay said that Faisalabad city was swarming with SME units which were potential hazard to urban environment. He hoped that government will also encourage these units to shift to this industrial city where international level infrastructure would be provided.