ISLAMABAD: Prime Minister Imran Khan has arrived in Faisalabad to perform Groundbreaking of Allama Iqbal Industrial City.
The prime minister will also inaugurate the Shelter Home in the city.
Allama Iqbal Industrial City will be the first Prioritized Special Economic Zone in Pakistan that will have two phases; Phase 1 will be completed in the year 2021. It is located on Motorway M4 at Sahianwala Interchange Faisalabad.
Punjab government also provided all the necessary support for the early completion of this project. Through this project, around 300,000 job opportunities will be created in the next 5 years.
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The project will attract approx. 400 Billion Rupees investment in Automobiles, Value Added Textiles, Engineering, Pharmaceuticals, Food Processing, Chemicals, Construction Materials, FGCG, Packaging sectors. It will contribute to the Gross Domestic Product (GDP) of Pakistan, increase the exports of the country and will also encourage import substitution.
Moreover, nine Special Economic Zones have been planned under the China Pakistan Economic Corridor (CPEC). Three SEZs out of nine have been declared as Prioritized Special Economic Zones by the governments of Pakistan and China.
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M-3 Industrial City SEZ of FIEDMC is the success story that has attracted Foreign Direct Investments from China, Turkey, Korea, Europe, and Japan.
The project has the distinction of hosting a maximum number of Private sector Chinese companies in Pakistan and this number is increasing day by day due to its excellent infrastructure and professional management.Â
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