LAHORE, Oct 12: The Punjab government estimates Rs30 billion investment in the Sundar industrial estate which may create around 600,000 jobs.

Speaking at a Press conference on Tuesday after presiding over a meeting to review the progress of the new industrial town near Lahore, Chief Minister Pervaiz Elahi also announced another similar industrial estate in Faisalabad and a small-scale estate in Rahim Yar Khan in 'near future'.

Federal Industries Minister Jehangir Tarin, Punjab Industries Minister Ajmal Cheema, Punjab Industrial Estate Development Company Managing Director Mohsin Syed, senior government officials and many industrialists setting up units in the Sundar industrial estate attended the meeting.

The chief minister said since the investors' response to the Sundar industrial estate had been 'massive', all plots in its first phase would be sold within two months. This would be followed by the simultaneous development of the required infrastructure and construction of industrial units, making the estate functional by the end of next year, he said.

He said the government had contributed Rs1 billion for the industrial estate where private sector would invest Rs30 billion, providing jobs to an estimated 600,000 people.

"After the completion of this project we would launch the Faisalabad industrial estate and another 200-acre estate in Rahim Yar Khan. This is a giant leap towards the Punjab government's vision-2020," the chief minister said.

He said the Sundar industrial estate would serve as a model which other provinces would also adopt. "Industrialists are our major partners in our desire to create jobs for the people and that is why we are facilitating them in all aspects," he said.

The chief minister said the industrialists had started purchasing plots in the Sundar estate after seeing the government's seriousness and sincerity about the project. The government created a Rs1 billion revolving fund which was being used for the development of necessary infrastructure.

He said the federal government too was cooperating with Punjab in developing industry because of the prime minister and Mr Jehangir Tarin. The chief minister said it had been decided to install treatment plants in the Sundar, Faisalabad and Multan industrial estates with the cooperation of the federal government.

Another decision was to establish a drug testing laboratory at Sundar with the cooperation of 35 medicine producing units being set up there, he said. He said Punjab industries minister and some other officials had recently inspected industrial estates in Thailand on the invitation of its trade minister who had visited Lahore some time ago.

The delegation had found that the Sundar estate was being developed 90 per cent on the standards in Thailand. "We will follow the remaining standards," he said. The chief minister said Thailand had more foreign investment which was attracted by its own investors.

Foreign investors went to China only after the Chinese investors established industry there. "Foreign investors and expatriates too have started showing interest in investing here after seeing the response of Pakistani investors towards the Sundar estate," he said.

He introduced a Bangladeshi investor in the meeting and said he had also applied for a plot in the Sundar industrial estate. Seven per cent of the applications for plots here had been submitted by overseas Pakistanis, he said.

The chief minister said the government had removed all hurdles in the way of investment whereas Mr Tarin was helping the provincial government in removing problems at the federal level.

He denied that he or any member of his family had applied for any plot in the Sundar estate. Mr Jehangir Tarin said the investors would start constructing industry at the estate within next three months. "It is not a real estate business. Those failing to set up industry in two years would have to return their plots to the government," he said.

He said the government had also decided to establish more industrial estates in other provinces. Mohsin gave details of the progress so far made in the project. He said 251 applications had been received for a total of 300.5 acres of land in the first phase of the estate.

The industries minister said the province was also providing maximum loans to the small units and the recovery rate was 85 per cent. A senior official of the Bank of Punjab said it would offer loans to those purchasing plots in the estate.