BEIJING – Allama Iqbal Industrial Zone Faisalabad being established underChina-Pakistan Economic Corridor (CPEC) is expected to create around300,000 jobs and attract Rs 400 billion of investment in automobiles,value-added textiles, engineering, pharmaceuticals, food processing,chemicals, construction materials and packaging sectors.
The project will not only contribute to the GDP and increase exports, butit will also encourage import substitution, according to a report of ChinaEconomic Net.
Prime Minister Imran Khan has recently performed the groundbreaking ofAllama Iqbal Industrial Zone which was the first ground breaking of anIndustrial estate under CPEC.
The central location of the city on the eastern route of CPEC along withits 4500 acres industrial estate located on the main M-3 motorway providesthe ideal conditions for the setting up of new state-of-the-art industries.
The industrial city of Faisalabad meant for housing foreign and localinvestors besides giving impetus to economic activities in the country is asecond mega project of the Special Economic Zone of Faisalabad IndustrialEstate Development and Management Company.
The first already existing “M-3 Industrial City” is spanning over an areaof 4356 acres, located on Motorway M-3, near Faisalabad city. It offers onewindow operation, the most important need for the business community,saving valuable time and money of citizens.
This one-window operation included allotment of plots, provision ofelectricity, obtaining of NOCs / permits / registration from differentgovernment departments and provides all possible facilitation until theenterprise comes into full production and afterward.
Faisalabad has carved a niche as an industrial center with its highways,railways, railway repair yards, processing mills and engineering works. Itis a producer of industrial goods and textile manufacturing includingcotton and silk textiles, super phosphates, hosiery, dyes, industrialchemicals, clothing, pulp and paper, printing, agricultural equipment, ghee(clarified butter), and beverages.
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As an urban city, the economy of Faisalabad has relatively prospered.Faisalabad is hailed as the industrial belt of Pakistan and is home to thelargest agricultural university in Pakistan and as well of Asia.
It is the country’s third largest economic state and the Manchester ofPakistan in terms of Textile and its apparel products. The economy is alsoenhanced by Faisalabad’s historic and cultural importance.
Being the Textile Industrial city of Pakistan Faisalabad brings the cityone of the largest development budgets in the country with heaving 5billion USD exports from textile made-ups.
It is also the most advanced in terms of infrastructure, having extensiveand relatively well developed road links to all major cities in Punjab andKPK and Sindh through M-3, M-4, a rail link and an international airport.
Through joint cooperation with Chinese entrepreneurs, It will not onlyboost economic growth but will also help to provide employment to a largenumber of people. The cooperation will also help to decrease poverty and toimprove the wellbeing of life by focusing socio-economic gross root levelfactors in Faisalabad and the surrounding areas as well.
