LAHORE: The Punjab Industrial Estates Development and Management Company (PIEDMC) has invited investors and industrialists in and outside the country to set up their factories in four special economic zones of Punjab.
These set ups 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.
This was the crux of the briefing given to business community at Lahore Chamber of Commerce and Industry by Chief Executive Officer PIEDMC Muhammad Javed Ilyas here the other day. The head of marketing and other officials of PIEDMC along with office-bearers of LCCI attended the briefing.
On this occasion the CEO PIEDMC informed that these economic zones are widely deployed to kick-start industrial sectors and to promote technology transfer to local economies and can 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 are located in close to motorways and would provide employment to 450,000 skilled and more than two million unskilled people. They will also help increase the GDP, increase in tax revenue, bring improvement in 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 at on M2 motorway and just 38 kilometers from Lahore will become trendsetter in the country as Sundar Industrial estate (SIE) in Lahore has become role model for industrial set ups in Pakistan where more than 450 factories are functional. The credit to build SIE goes to the PIEDMC. He explained that special economic zones including QABP will be constructed on 1,536 acres of land while special zones have already been constructed in Vehari on 250 acres, Bhalwal on 427 acres of land and Rahim Yar Khan zone on 456 acres of land. He informed that a labour colony would also be built for executives and labourers in Quaid-e-Azam Business Park.
LCCI Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad lauded the efforts of PIEDMC and said that these efforts will definitely usher in a new era of industrialisation of Punjab province and PIEDMC will lead the way in putting the country on path of progress and prosperity in future.