As per an announcement by the Board of Investment (BoI) on Friday, the Allama Iqbal Industrial City will be built in Faisalabad as the second special economic zone (SEZ) under the China-Pakistan Economic Corridor (CPEC).
According to the details, the Allama Iqbal Industrial City SEZ Committee approved fifteen applications and allotted 320 acres of land for projects in its meeting, following which investors can start establishing their units in the zone.
A Chinese firm called Zhengbang Agriculture Pakistan (Private) Limited is planning to invest Rs. 800 million in the agricultural sector, while Zahid Jee Textile Mills, Ocean Ceramics, and Ittehad Metals will establish businesses worth Rs. 11.8 billion, Rs. 11.2 billion, and Rs. 7.5 billion respectively in the economic zone.
Naseem Export Private Limited was allotted land as well, and they plan to invest Rs. 4.5 billion accordingly.
The process for enterprise entry and land allotment was handled through SEZ’s MIS Module designed by the BoI which ensures transparency and ease of doing business.
BoI Chairman, Atif Bokhari, commended the development and said that the automation process of the SEZs will facilitate the investors.