Rawalpindi-The Rawalpindi Development Authority (RDA) and the Islamabad Chamber of Commerce and Industry (ICCI) have signed a memorandum of understanding (MoU) to establish a framework of cooperation between the two organisations to carry out joint efforts for the establishment of an industrial estate alongside the Rawalpindi Ring Road (R3) project on public private partnership (PPP) model, to be known as the “ICCI Islamabad Industrial Estate.”
Raja Tariq Mehmood Murtaza, Chairman RDA and Sardar Yasir Ilyas Khan, President ICCI signed the MoU during a ceremony held here on Monday. Muhammad Junaid Taj Bhatti, Deputy Director Finance RDA, Fatma Azim Senior Vice President, Abdul Rehman Khan Vice President ICCI, Khalid Javed Convener ICCI Committee on New Islamabad Industrial Estate, Mian Akram Farid Chairman Founder Group and others were present in the ceremony.
On the occasion, Raja Tariq Mehmood, Chairman RDA said that his organisation would make all possible efforts for the establishment of ICCI Industrial Estate as this project was in the best national interest and would be helpful in attracting local and foreign investment to the region. He said that the project would also create plenty of new jobs and contribute towards tax revenue of the country, therefore, its early materialisation would support the efforts for stabilising the economy.
By signing this memorandum of understanding, ICCI shall arrange preparation of technical and financial feasibility for industrial estate project and submit them to RDA for evaluation and approval. ICCI shall also help in generating partial funding for acquisition of land for industrial estate while RDA shall acquire the required land from the land owners and commit industrial plots to the investors who will be providing funding for land acquisition. ICCI shall mobilise investors for investment in the industrial estate to set up small, medium and large-scale industries in order to produce manufactured and export-oriented products. ICCI shall also assist RDA towards formalisation of the industrial estate by holding meetings with the relevant departments of the Punjab and federal governments. Moreover, ICCI in consultation with RDA shall help finalise modalities and SOPs for the sale/purchase of plots in the industrial estate. RDA shall acquire required land for the ICCI Industrial Estate and shall get notified of the acquired land from the Punjab government. The RDA shall earmark the land after approval of feasibility for ICCI Industrial Estate project and determine sizes and modalities for sale of industrial plots in consultation with ICCI. The RDA will also negotiate with the Punjab Board of Investment to acquire approval for this industrial estate under SEZ model and will be responsible for developing its master plan in consultation with ICCI which will then be proposed to the potential investors for investment. Speaking at the occasion, Sardar Yasir Ilyas Khan said that Pakistan’s progress and prosperity was linked with industrialisation and hoped that the signing of this MoU between ICCI and RDA would be instrumental in setting up a new industrial estate to boost investment and start a new era of rapid industrial growth in the region. He urged that the government should extend the construction package for another year to attract maximum investment. He further said that the government should also set up a real estate regulatory authority in order to regulate the activities in the construction and real estate sector and promote regulated businesses in this field.