US-based entrepreneurs are keen to invest in Allama Iqbal Industrial City, a special economic zone (SEZ) of Faisalabad Industrial Estate Development and Management Company (FIEDMC) under CPEC.
This is thanks to the immense market potential of the country and improved governance, read the press statement.
A delegation of US-based businessmen led by Pakistan American Business Forum (PBAF) President Riaz Hussain called on FIEDMC Chairman Mian Kashif Ashfaq and expressed their interest to explore the new investment-friendly business environment offered by FIEDMC.
The main purpose of the meeting was to provide an opportunity to exchange views and identify the areas for trade and investment.
Ashfaq briefed the delegation about the opportunities and incentives being offered to investors.
Following the vision of Prime Minister Imran Khan, FIEDMC has extended several facilities to the foreign and local manufacturers and providing all services to businessperson under one roof for ease of doing business in the province, he said.
It is worth mentioning that the industries within the export processing zone will be exempted from tax for a period of 10 years and plants, machinery, raw material, and other equipment will be imported duty-free.
Around Rs. 400 billion foreign and local investment will be injected into various projects, which clearly indicates that investors have reposed complete confidence in the present regime.
Mian Kashif stated:
The US has titled 2020 as Partners for Prosperity Year, which can only be materialized once we have an increase in people to people contact. Also, enhance cooperation with key organizations in both countries to ensure cohesive and coordinated strategies in promoting U.S private sector interests in Pakistan.
PBAF President Riaz Hussain highlighted the key objective of the forum with respect to Pakistan and US trade relations saying:
It was a great opportunity to build our relations and US-Pak trade relations are reflecting positive figures. Pakistani exports to the US increased by 6 percent in 2019 as compared to the same period of last year and in 2018 the two-way trade stood at $6.6 billion.