Colonization of second CPEC SEZ begins in Faisalabad with Rs. 53.6 billion investment

ISLAMABAD-After the launch of China Pakistan Economic Corridor’s first Rashakai SEZ, colonisation of 2nd CPEC SEZ Allama Iqbal Industrial City (AIIC) Faisalabad has begun with planned Rs53.6 billion investment.

In this regard, a meeting of the AIIC SEZ Committee was held here on Friday which accorded approval to 15 applicants and allotted land of 320 acres. The applicants include a Chinese firm Zhengbang Agriculture Pakistan Private Limited which plans to invest Rs 800 million in agri sector. Amongst the other 14 local firms, Zahid Jee Textile Mills, Ocean Ceramics, and Ittehad Metals will initiate business establishments worth Rs.11.8 billion, Rs.11.2 billion and Rs7.5 billion respectively.  Meanwhile, a meeting of the Vehari SEZ Committee approved its 1st zone enterprise. The colonisation of this zone started with 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 planed 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 recently. The module ensures transparency and facilitation and works as a one window operation, a vision of the government to ensure ease of doing business. Along with the allotment of land, these enterprises are now entitled to SEZ’s benefits, including custom duties and tax exemption under the SEZ Act 2012.

Atif R. Bokhari, Minister of State/Chairman Board of Investment, while appreciating the development, said that the automation process of SEZs, envisioned by the Prime Minister Imran Khan, is now bearing fruits. The SEZ MIS Module was approved to facilitate investors to gain admission in zones and ensure transparency in allocation of plots in various SEZs, he added. Secretary BOI Fareena Mazhar stated that international investors could easily avail 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 availability of utilities to SEZs. She further said that BOI will ensure handholding of the investors and provinces at every stage of the industrial development.