The Board of Investment (BOI) has said that the second Special Economic Zones (SEZ) project of China Pakistan Economic Corridor (CPEC) will begin in Faisalabad with a planned Rs. 53.6 billion investment.
The project will be designed to attract foreign and local investors with state-of-the-art world-standard facilities.
After the launch of CPEC’s first Rashakai SEZ, colonization of the CPEC, Allama Iqbal Industrial City (AIIC) Faisalabad, begins with planned Rs. 53.6 billion investment, said a press release issued by BOI.
In this regard, a meeting of the AIIC, SEZ Committee was also held, which accorded approval to 15 applicants and allotted 320 acres of land for the project.
According to the press release, the applicants include a Chinese Firm, Zhengbang Agriculture Pakistan Private Limited, with an Rs. 800 million investment in the Agri sector. Amongst the other 14 local firms, Zahid Jee Textile Mills, Ocean Ceramics, and Ittehad Metals will set up business establishments worth Rs. 11.8 billion, Rs. 11.2 billion, and Rs. 7.5 billion, respectively.
Meanwhile, a meeting of the Vehari SEZ Committee also approved its first zone enterprise. The colonization of this zone started with the admission of a firm, Suraya Aslam Paper Private Limited, to establish a project worth Rs. 100 million.
The SEZ Committee of Rahimyar Khan allotted land and approved zone entry to Naseem Export Private Limited with a planned Rs. 4.5 billion investment.
The application for zone enterprise entry and allotment of land was submitted and processed via SEZ’s MIS Module designed by the Federal Board of Investment.
The module ensures transparency and facilitation and works as a one-window operation, following the vision of the government to ensure ease of doing business.
Along with the allotment of land, these enterprises are entitled to SEZ’s benefits, including customs duties and tax exemption under the SEZ Act 2012.
Minister of State/Chairman Board of Investment (BOI), Atif R. Bokhari, while appreciating the development, said that the automation process of SEZs is now bearing fruits.
The SEZ MIS Module was approved to facilitate investors in gaining admission in zones and ensuring transparency in the allocation of plots in various SEZs, he added.
Secretary BOI, Fareena Mazhar, stated that international investors could easily avail themselves the opportunity to identify and select the potential locations for setting up their units in the SEZs.
She said that BOI will leave no stone unturned to provide timely facilitation particularly the availability of utilities to SEZs. She further said that BOI will ensure the handholding of the investors and provinces at every stage of industrial development.