The Board of Investment (BOL) said on Friday March 5, 2021, that the Allama Iqbal industrial city settled in Faisalabad, the second special economic zone (SEZ) of the China-Pakistan Economic Corridor, began with a proposed investment of Rs 53.6 billion.
According to details, the Allama Iqbal Industrial City SEZ Committee approved fifteen applications and allocated 320 acres of land for projects at its meeting, after which investors can begin establishing their units in the area.
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A Chinese company called Zhengbang Agriculture Pakistan (Private) Limited plans to invest Rs. 800 million in the agricultural sector, while Zahid Jee Textile Mills, Ocean Ceramics and Ittehad Metals will start businesses worth Rs. 11.8 billion, Rs. 11.2 billion and Rs. 7.5 billion respectively in the economic zone.
Naseem Export Private Limited was assigned land as well, and they plan to invest Rs. 4.5 billion accordingly
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The process for the entry of enterprise and the allotment of land was managed through the SEZ’s MIS module designed by the BoI which guarantees transparency and ease of doing business.
Bol chairman Atif Bokhari praised the development, saying the SEZ automation process will facilitate the Investors.
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