Work on Allama Iqbal SEZ in full swing: Asim

Published May 18, 2021
CPEC Authority chairman retired Lt Gen Asim Saleem Bajwa said that the total saleable land in the zone was 2,276 acres, and 182 acres had been purchased by seven foreign investors. — Photo courtesy Twitter
CPEC Authority chairman retired Lt Gen Asim Saleem Bajwa said that the total saleable land in the zone was 2,276 acres, and 182 acres had been purchased by seven foreign investors. — Photo courtesy Twitter

ISLAMABAD: China-Pakistan Economic Corridor (CPEC) Authority chairman retired Lt Gen Asim Saleem Bajwa on Monday said that development work on the Allama Iqbal Special Economic Zone, Faisalabad, was in full swing as 33 per cent of its land had so far been purchased by 69 investors.

In a tweet, Mr Bajwa said that the total saleable land in the zone was 2,276 acres, and 182 acres had been purchased by seven foreign investors.

Several Pakistani and foreign industrial organisations have already started construction work, he added.

Apart from the economic zone in Faisalabad, three more such zones are being set up in different parts of the country.

These Special Economic Zones (SEZs) are expected to create as many as 1.47 million jobs, besides playing an important role in promoting local industry to lead the country towards sustainable economic growth.

Four SEZs to create 1.47 million jobs

The other SEZs are Rashakai M-1 Nowshera, Dhabeji Thatta, and Bostan, Balochistan. They would create around 475,000 direct and one million indirect jobs across the country, a senior official of the Board of Investment said.

He said these SEZs, which are part of the CPEC, would promote industrial growth in the country, adding that development of these four zones was top priority of the government.

The 1,000-acre Rashakai Economic Zone has already attracted more than 2,000 domestic and foreign investments in different sectors.

He said the zone would be developed in three phases.

Meanwhile, Adviser to the PM on Commerce and Investment Abdul Razak Dawood said the Rashakai SEZ would set a new direction for industrialisation in Pakistan and bring huge Foreign Direct Investment (FDI) into the country.

In reply to a question on shift of industries from China to Pakistan, he said: “We are looking to welcome Chinese industries in our SEZs to Joint Venture (JVs) with local investors and also share mutual experience for benefiting the local industries.”

He said the government was prioritising development of SEZs for attracting FDI and transfer of technology into the country.

The SEZs are focused on industrialisation that result in export promotion, import substitution, transfer of technologies and employment generation, he said.

The adviser said the establishment of SEZs was critical to resolving balance of payments issues as the government wanted to accord priority to enterprises which are involved in export generation or import substitution.

He said Rashakai SEZ is the flagship project of CPEC and its success will strengthen industrial cooperation between Pakistan and China.

He said that development of Rashakai SEZ had a huge strategic implication, because it is closer to resource-rich Central Asian Republics and also plays a role for economic integration of the region.

Mr Dawood said all of these SEZs would have far-reaching socioeconomic impact in the region by attracting more investment, spurring industrialisation, creating employment and ensuring export led-growth.

Published in Dawn, May 18th, 2021

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

A bloody year
Updated 07 Oct, 2024

A bloody year

Using the Oct 7 attacks as an excuse to wage endless aggression on Middle East, Israel has crossed all red lines.
Bleak cotton outlook
07 Oct, 2024

Bleak cotton outlook

THE extremely slow arrival of phutti at the ginning factories of Punjab and Sindh so far indicate a huge drop in the...
Killjoy neighbours
07 Oct, 2024

Killjoy neighbours

AT the worst of times in their bilateral relations, India and Pakistan have not shied away from carrying out direct...
Peak of success
06 Oct, 2024

Peak of success

IT started with the ascent of Nanga Parbat in 2017 and ended with the summit of Tibet’s Shishapangma on Thursday....
Indian visitor
06 Oct, 2024

Indian visitor

AMONGST the host of foreign dignitaries expected to fly into Islamabad for the SCO Council of Heads of Government...
Violence once again
Updated 06 Oct, 2024

Violence once again

The warring sides must rein in their worst impulses and prioritise the nation’s well-being over short-term gains.