ISLAMABAD: The government will take special measures to facilitate local and foreign investors to bring in more investment to Allama Iqbal Industrial City (AIIC) to accelerate the pace of development, said Board of Investment (BOI) Chairman of Pakistan Atif R Bokhari on Saturday.
The Allama Iqbal Industrial City (AIIC) is a prioritised special economic zone (SEZ) of Faisalabad Industrial Estate Development and Management Company (FIEDMC). While speaking to FIEDMC Chairman Mian Kashif Ashfaq, Bokhari said they would also introduce a new act through parliament to ensure the presence of all federal and provincial departments in the one-window operation of FIEDMC so that all hurdles would be removed on the spot. Bokhari added that roadshows would be conducted in different countries of the world through a joint venture of BOI and FIEDMC to attract foreign investment.
“There was an expected official visit of the Chinese president to Pakistan and FIEDMC should make preparations in this regard to welcome the delegation of Chinese investors,” he directed.
Furthermore, the BOI chairman highlighted, “The government has been working to improve all nine indicators of the ease of doing business including starting a business, paying taxes, getting credit, resolving insolvency, getting construction permits, trading across the borders, property registrations, getting electricity and enforcing contracts to be implemented for attracting the foreign investment in the country.”
Both the officials also discussed the investment prospects available in the country and the areas and fields where foreign investors could be invited to make investments leading to overall economic development and an increase in the growth rate.
Speaking on this occasion, Ashfaq said AIIC was being built as a priority project under the China-Pakistan Economic Corridor (CPEC) framework. He said completion of this project would mark the start of an industrial era for the country.
Moreover, he apprised that the industries being set up in AIIC would enjoy a 10-year tax exemption on the import of machinery. Additional facilities planned for the industrial city include a technical university.
Published in The Express Tribune, May 24th, 2020.