ISLAMABAD (APP): The Allama Iqbal Industrial City equipped with modern infrastructure will be inaugurated in December. It would help accelerate economic activities in the country besides generating further employment to cope with current economic crisis. The new industrial city will create 250,000-300,000 jobs and 350-400 mega industrial units will be set up in it, said Mian Kashif Ashfaq, Chairman Faisalabad Industrial Estate Development and Management Company.
While talking to a high level delegation of foreign and local investors, he said that land acquisition for purpose would start soon. “The project, which is part of the China Pakistan Economic Corridor (CPEC), will amplify trade and investment both at national and international level, which is a priority area of the incumbent government. He said excellent incentive package offered by the government to investors, the company would attract millions of dollars in foreign direct investment and in this regard, more Memorandum of Understandings (MOUs) have been signed for injecting capital into Special Economic Zone.
He further said a sizable portion has been allocated for promotion of Small and Medium Enterprise (SME) sector and this portion would not only facilitate small traders but would also promote new SMEs in the industrial estate. Mian Kashif also apprised the investors of economic reforms package of Prime Minister for promoting economic activities in the country besides envisaging revolutionary incentives and measures to encourage investment, exports, ease of doing business and strengthen important sectors of the national economy.
He said promoting international trade and investment was the pivot around which Pakistan seeks to devise its economic development and poverty alleviation strategies. He said the government was also encouraging financial inclusion and public-private partnership so the investors could take advantage of the opportunity. Mian Kashif said due to wrong policies of the previous governments, the country was on the verge of becoming a defaulter as the foreign exchange reserves had gone down and no international monetary institution was ready to lend money to it. However, Pakistan Tehreek-e-Insaf after coming into power, worked hard to bring the country out of the financial crisis, he added.