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FIEDMC Chairman elaborates on growth potential of Special Economic Zones
The Faisalabad Industrial Estate Development and Management Company (FIEDMC) is the premier organisation credited with successful conceptualization and formation of two Special Economic Zones in Faisalabad, a city that is an ever-expanding industrial centre in Pakistan. Mian Kashif Ashfaq, the Chairman of FIEDMC and a highly successful industrialist, shares the proud history of FIEDMC which […]
The Faisalabad Industrial Estate Development and Management Company (FIEDMC) is the premier organisation credited with successful conceptualization and formation of two Special Economic Zones in Faisalabad, a city that is an ever-expanding industrial centre in Pakistan. Mian Kashif Ashfaq, the Chairman of FIEDMC and a highly successful industrialist, shares the proud history of FIEDMC which has developed the Value Addition City (VAC) and M-3 Industrial City (M-3 IC) which offers investors the best location, essential industrial infrastructure and excellent support services.
The Chairman of FIEDMC says, “FIEDMC is second to none in Pakistan as a catalyst of economic change in the country setting up mega projects. Our booming industrial estates with modern infrastructure will bring economic prosperity in the country at hitherto unprecedented pace. We are committed to the creation of the Allama Iqbal Industrial City to catalyse structured growth and industrialisation in Faisalabad”.
The business community, of which Mian Kashif is an integral part, requires an enabling environment with infrastructure, a skilled labour force and local input suppliers. All of these facilities form the core of the special economic zones FIEDMC develops.
The Allama Iqbal Industrial City is a promise of growth made by FIEDMC to the people of Pakistan
Mian Kashif adds, “Each Economic Zone is unique and extraordinary endeavour based on the modern lines of development and is dedicated towards providing excellent industrial estates to highly valued customers. Our philosophy of honest, helpful service and unceasing improvements has brought profitable and sustainable businesses to the Value Addition City and M-3 Industrial City.
Each SEZ, he explains, provides the necessary conditions for industrial development and investment in a spatially concentrated area. As local, national and international businesses congregate in a well-executed SEZ, there are beneficial effects for the entire economy. Each SEZ attracts large investment often within export-oriented sectors which require increased primary inputs, raw materials and skilled labour which result in local firms becoming integrated in global value chains.
FIEDMC was created by the Government of Punjab to develop and diversify the economy of Pakistan through the creation of specialized industrial zones, a mandate it has fulfilled admirably. The M-3 Industrial City has had the distinction of being the largest Special Economic Zone of Pakistan, designed to meet the needs of different industries, while remaining socially and environmentally responsible. Now moving from a proud past to an even more promising future, FIEDMC has announced the latest Special Economic Zone under the name of Allama Iqbal Industrial City, a prioritised SEZ under CPEC.
The support of the government – both provincial and federal – has been critical in ensuring the success of the SEZs created by FIEDMC. Mian Kashif elaborated on the aims of the new Allama Iqbal Industrial City which will increase trade balance, employment and investment through service provision, job creation and effective administration, in keeping with the vision of the Prime Minister of Pakistan, Imran Khan.
FIEDMC looks to the ground-breaking of Allama Iqbal Industrial City Prioritised Special Economic Zone under the CPEC Industrial Cooperation Framework by the Prime Minister as the key project will play an integral part in attracting capital intensive industries and increase value addition for Pakistan. The Allama Iqbal Industrial City is a promise of growth made by FIEDMC to the people of Pakistan, he concluded.
