LAHORE        -       The Punjab Industrial Estates Development & Management Company (PIEDMC) has offered local and foreign investors to set up factories in four special economic zones in Punjab.

Briefing the business community at Lahore Chamber of Commerce & Industry, Chief Executive Officer PIEDMC Muhammad Javed Ilyas said that these zones will be a tool to make investment in industrial infrastructure and a service provider to attract and facilitate foreign investment, integrate local firms into global value chains, promote export-oriented growth and generate employment.

He said that these zones would help promoting technology transfer to local economies, contribute in improving the overall investment environment, lowering transaction costs for FDI activities, increasing the ease of doing business and streamlining administrative procedures, including the time required to set up operations.

These special economic zones located in close approximate of motorways would provide employment to 450,000 skilled and more than two million unskilled workers and also help increasing the GDP, tax revenue, improving balance of trade through exports and overall economic prosperity in the country.

He expressed his hope that out of four smart special economic zones, the Quaid-E-Azam Business Park (QABP) located on M2 motorway and just 38 kilometers from Lahore would become trend setter as Sundar Industrial Estate (SIE) in Lahore has become role model for industrial set ups in Pakistan where more than 450 factories were functional.

He said that special economic zones including QABP would be constructed on 1536 acres of land, and already constructed Vehari on 250 acres, Bhalwal on 427 acres of land and Rahim Yar Khan zone on 456 acres of land.