SEZs under CPEC to bring Rs31.492b investment in Punjab

ISLAMABAD   -  Faisalabad SEZs under CPEC will bring Rs31.492 billion investment in Punjab, Gwadar Pro reported on Friday.

The 24th Special Economic Zone (SEZ) Committee meeting of Al­lama Iqbal Industrial City (AIIC), the 8th SEZ Committee meeting of Value Addition City (VAC), and the 43rd SEZ Committee meeting of M-3 Industrial City (M3IC) of SEZ, Faisalabad, Punjab, were held.

Together, they approved the ad­mission of 44 enterprises in the SEZ regime with a cumulative invest­ment of Rs31.492 billion in Punjab.

According to the BOI official notification, the investment ac­counts for Rs4.310 billion in Allama Iqbal Industrial City, Rs359.05 million in VAC, and Rs26.823 billion in M3IC, SEZ, Punjab, in various sectors.

“After completion of codal for­malities, these enterprises will be issued a formal letter of approval, enabling them to the fiscal bene­fits of SEZs. BOI, as the secretariat of the SEZs, will provide all-out fa­cilitation to enable these new en­terprises to start their construc­tion activities within 6 months and come into production within 24 months of their approval,” the notification added.

AIIC is a priority SEZ being de­veloped on approximately 3,217 acres of land. It has the advantage of being adjacent to M3-Industri­al City, which hosts a large number of projects across various sectors. 

Sectors of interest for invest­ment in AIIC include Textiles, Engineering, Electrical & Elec­tronic, Chemical & Paints, Food Processing, Pharmaceuticals, Automobiles, Packaging, and Building Materials.

VAC is part of the larger initia­tive by FIEDMC. It aims to cata­lyse the growth and expansion of the industrial sector in Pakistan, particularly in value-added manu­facturing and production for light and medium-scale industries.

M3IC is the largest industrial es­tate in Pakistan and is also devel­oped by FIEDMC. Its purpose is to support the development of the manufacturing sector by provid­ing world-class infrastructure, en­suring quality, and maintaining an environmentally friendly estate management approach.

The committee which approved investment comprised represent­atives of the Board of Investment (BOI) Pakistan, the Punjab Board of Investment and Trade, and the Faisalabad Industrial Estate De­velopment & Management Com­pany (FIEDMC).

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