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PM Imran Khan to perform ground-breaking of first CPEC linked ‘Special Economic Zone’

Ground breaking of Allama Iqbal Industrial City in Faisalabad Special Economic Zone is an important break through for Punjab and Pakistan. This mega project is linked with CPEC Economic Zones and Chinese diplomats had been quietly complaining that Pakistani institutions and businesses are not geared to benefit from “Industrial Relocation” which China is offering. FIEDMC, a public private initiative of Punjab Government since 2004, has thus proved its management potential by being the first entity to bring a CPEC linked Industrial Zone to the the stage of take off.

Prime Minister Imran Khan, on 3rd January, will perform ground-breaking ceremony of the “Allama Iqbal Industrial City” (AIIC), a state of the art mega project, being developed as part of the Special Economic Zone (SEZ) of Faisalabad. This is first CPEC linked Economic Zone that is being operationalized out of the nine zones that were conceived. Business community, in Punjab, led by FIEDMC (Faisalabad Industrial & Economic Development Company) has thus taken lead over similar initiatives being planned in KP and Sindh.

FIEDMC came into existence to benefit from Public Private Partnership (PPP) in 2004 when the idea of Special Economic Zones was first conceived by Jehangir Khan Tareen when he was a minister with the PMLQ government in Punjab. FIEDMC, as a Public Private Partnership (PPP) Entity was established by Govt. of the Punjab and formally registered u/s 42 of company’s ordinance 1984 with aim to promote economic development of Pakistan through the establishment of specialized industrial estates.

Tareen being a successful businessman himself understood the importance of incentives and facilitation through policy measures and infrastructure at one place. FIEDMC has grown into a big business idea since then. It first launched “Value Added City (VATC)” in 2007, then added Faisalabad Industrial City (M3 Industrial City) and has now more than 7000 acres of land under industrial development. Allama Iqbal Industrial City will be its third project with more than 3000 acres of land being developed.

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PM Khan will be accompanied by his key cabinet members that may include Razzaq Dawood, Commerce minister, Asad Umar, Minister Economic Planning, Zubair Gillani, Chairman Board of Investments and Jehangir Khan Tareen, secretary general of PTI and someone who is credited with the concept of Special Economic Zones in Punjab. Chinese Ambassador to Pakistan, Yao Jing, will be coming at the ground breaking and some Chinese corporate executives will be present.

Source: Global Village Space

Dated on: 31/12/2019

 

 

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