ISLAMABAD-Prime Minister’s Office, Board of Investment (BOI), has notified Special Economic Zones (SEZ) status for Allama Iqbal Industrial City and allowed sale of plots in three different SEZs including Allama Iqbal Industrial City (AIIC), Hub and Bostan. The BOI, being the secretariat for the apex SEZ’s approving body (Board of Approval), has issued the notification. The notification in this regard for AIIC was issued by the Secretary BOI, Ms Fareena Mazhar being secretary of the Board of Approval for SEZs. 

The government further chartered 03 SEZs Committees of AIIC, Bostan and Hub SEZs, allowing thereby the sale of plots in the respective SEZs. The SEZ committees shall have responsibilities to administer and enforce SEZ benefits and rules as well as provide facilitation between the SEZ, its enterprises and the government. 

Minister of State/Chairman Board of Investment (BOI), Atif R. Bokhari, in a statement, here expressed satisfaction over the progress on SEZs’ development. He said that it is high time for all of us to tap the opportunities being provided by Belt & Road Initiative in the shape of Industrial Cooperation (IC) under China Pakistan Economic Corridor (CPEC). He pointed out that private sector should come forward and take the leading role in this second phase of CPEC. He appreciated Project Management Unit BOI on CPEC-IC for its role in ensuring a teamwork of the federal and provincial governments which helped in removing hurdles that were hindering the progress on SEZs.

Secretary BOI, Ms. Fareena Mazhar has termed the day as a special day in the journey of SEZ’s development. She stated that establishment of the new SEZs would help to achieve the goals of industrialization such as capitalizing investment inflow, inclusive economic development, creation of jobs and export generation. She informed that serious efforts for provision of gas and electricity are underway to ensure provision of these basic utilities alongside development of the new SEZs.

The Allama Iqbal Industrial City Faisalabad is being developed by Faisalabad Industrial Estate Development and Management Company (FIEDMC) with total area of 2800 acres by targeting to establish industries in textile; engineering; electrical and electronics; chemical paints; agriculture and food processing; steel and packaging sectors. It is expected that the zone will help to create 249,477 direct and indirect jobs for local population besides attracting domestic and foreign investment upto the tune of Rs357 billion.