CPEC aligns with PSEZ to facilitate Chinese investment in Pakistan
FAISALABAD (July 17): According to Muhammad Tanveer Jabbar, chief executive officer of Faisalabad Industrial Estate Development and Management Company (FIEDMC), the company in charge of managing activities at the AIIC, “Five industrial units from China and eight from Pakistan have already started production in the AIIC.”
Industrial units in Allama Iqbal Industrial City, the country’s largest Priority Special Economic Zone have become operational, solidifying Faisalabad’s identity as a hub for industrial development.
The Priority Special Economic Zone (PSEZ), aligned with China-Pakistan Economic Corridor (CPEC), was established with the aim of ‘strengthening industrial ties’ between the two countries and facilitating the relocation of Chinese industrial units to Pakistan.
Allama Iqbal Industrial City (AIIC), inaugurated in January 2020, spans an area of 3,217 acres and is strategically situated near Sahianwala Interchange on the M4 motorway, opposite M3 Industrial City, Faisalabad.
Out of the nine Special Economic Zones (SEZ) planned under the CPEC, the AIIC is the only one where production has started. It is also the only PSEZ under the CPEC in the Punjab.
Muhammad Tanveer Jabbar, the chief executive officer of Faisalabad Industrial Estate Development and Management Company (FIEDMC) stated that FIEDMC specialises in developing SEZs. The company has already established three industrial estates in Faisalabad: M3 Industrial City (4,356 acres), Value Addition City (225 acres) and the Garments City.
“The AIIC has attracted significant direct foreign investment ($312 million), accompanied by local investments of $543 million,” Jabbar said.
“The AIIC’s prime location – adjacent to the M4 Motorway with Faisalabad International Airport situated 52 km away, the Railway Station 15 km away and the Dry Port 20 km away – makes it attractive for investors,” he adds.
The AIIC caters to several industries including textiles, garments, pharmaceuticals, automobiles, packaging, electrical and electronics, chemicals and dyes, light engineering, iron and steel re-rolling, food processing, building/ construction materials, plastics and agriculture, says Jabbar.
