The Board of Investment (BOI) on Friday said that the colonization of second Special Economic Zones (SEZ) of China Pakistan Economic Corridor (CPEC) begins with Planned Rs.53.6billion investment in Faisalabad.
ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 5th Mar, 2021 ) :The board of Investment (BOI) on Friday said that the colonization of second Special Economic Zones (SEZ) of China Pakistan Economic Corridor (CPEC) begins with Planned Rs.53.6billion investment in Faisalabad.
After the launch of China Pakistan Economic Corridor’s (CPECs) first Rashakai SEZ, colonization of the CPEC, Allama Iqbal Industrial City (AIIC) Faisalabad begins with planned Rs.53.6 billion Investment, said a press release isused by BOI here.
In this regard, a meeting of the AIIC, SEZ Committee held here, which accorded approval to 15 applicants and allotted land of 320 acres.
According to press release issued, the applicants include a Chinese Firm Zhengbang Agriculture Pakistan Private Limited with a plan Rs. 800 million investment in agri sector.
Amongst the other 14 local firms, Zahid Jee Textile Mills, Ocean Ceramics, and Ittehad Metals to initiate business establishments worth Rs.11.8 billion, Rs.11.2 billion and 7.5 b respectively.
Meanwhile, a meeting of the Vehari SEZ Committee approved its 1st zone enterprise. The colonization of this zone started with admission of a firm Suraya Aslam Paper Private Limited to establish a project worth Rs. 100 million.
The SEZ Committee of Rahimyar Khan allotted land and approved zone entry to Naseem Export Private Limited with a planed RS 4.5 b investment.
The application for zone enterprise entry and allotment of land were submitted and processed via SEZ’s MIS Module designed by the Federal Board of Investment recently. The module ensures transparency and facilitation and works as a one window operation, a vision of the government to ensure ease of doing business. Along with the allotment of land, these enterprises are now entitled to SEZ’s benefits, including custom duties and tax exemption under the SEZ Act 2012.
Minister of State/ Chairman Board of Investment (BOI) Atif R. Bokhari while appreciating the development, said that the automation process of SEZs, envisioned by the Prime Minister Imran Khan, is now bearing fruits.
The SEZ MIS Module was approved to facilitate investors to gain admission in zones and ensure transparency in allocation of plots in various SEZs, he added.
Secretary BOI Fareena Mazhar stated that international investors could easily avail the opportunity to identify and select the potential locations for setting up their units in the SEZs.
She said that BOI will leave no stone unturned to provide timely facilitation particularly availability of utilities to SEZs.
She further said that BOI will ensure handholding of the investors and provinces at every stage of the industrial development.