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Chairman BoI pledges support to SEZ investors

  • May 24, 2020
Chairman BoI pledges support to SEZ investors
Image caption Chairman BoI pledges support to SEZ investors

ISLAMABAD: Minister of State and Board of Investment Chairman Atif R Bokhari has said that the government would take special measures to facilitate local and foreign investors so that more investment could be brought to Allama Iqbal Industrial City, a prioritized Special Economic Zone (SEZ) of Faisalabad Industrial Estate Development and Management Company (FIEDMC).

He expressed these views while talking to FIEDMC Chairman Mian Kashif Ashfaq in Islamabad, said a press release issued on Saturday.

Bokhari informed the government would soon introduce a new act through parliament to ensure the presence of all federal and provincial departments in the ‘one-window operation’ system of FIEDMC.

He said road shows would be conducted in different countries of the world through joint venture of BOI and FIEDMC, adding that the Chinese president was expected to visit to Pakistan soon and that FIEDMC should ensure active preparation in this regard to lure Chinese investors.

Bokhari said the government has been striving to improve all nine indicators of ‘Ease of Doing Business’, including starting a business, paying taxes, getting credit, resolving insolvency, getting construction permits, trading across the borders, property registrations, getting electricity and enforcing contracts to be implemented to attract foreign investment in the country.

He appreciated FIEDMC Chairman Mian Kashif Ashfaq for his untiring efforts towards acceleration of development process at the Allama Iqbal Industrial City.

Both the officials discussed the investment prospects available in the country and the areas and fields where foreign investors could show interest and make investments leading to overall economic development and increase in the GDP growth rate.

The problems faced by the foreign investors post Covid-19 environment were also discussed on the occasion.

Mian Kashif Ashfaq informed the BOI chief that Allama Iqbal Industrial City was being built as a priority project under the CPEC framework.

It was being set up under direct orders from Prime Minister Imran Khan, he said, adding that the completion of this project would mark the start of an industrial era for the country.

He said the industries being set up in AIIC would enjoy 10-year tax exemption on import of machinery. Additional facilities planned for the industrial city include a technical university.

The FIEDMC chairman also revealed that the company would collaborate with the Naya Pakistan Housing Authority (NPHA) and construct 10,000 flats for Allama Iqbal Industrial City labourers. “A shuttle train would also be launched for labourers to commute from one place to another.”

He said that on the pattern of Faisalabad Express, another new road from Sahianwala to Chiniot would be constructed to provide easy access to the SEZ.

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