Faisalabad: The construction of industrial units in Allama Iqbal Industrial City (M3) Special Economic Zone (SEZ) is expected to begin on a timely basis, a news source reported. Faisalabad Industrial Estate Development & Management Company (FIEDMC) Chairman Mian Kashif Ashfaq stated that the said SEZ would consist of 400 industries with a collective worth of PKR 400 billion.
The FIEDMC chairman was addressing the inauguration ceremony of the M3 SEZ – which is being developed under the China-Pakistan Economic Corridor (CPEC) initiative. He said that the FIEDMC obtained 3,317 acres of land for the SEZ, out of which it sold 700 acres to facilitate the development of industrial units, for which various local and foreign investors have expressed their interest.
Ashfaq revealed that 12 companies that had bought land would receive possession during the ongoing month, so they could commence with the construction of their industrial units. He added that since the SEZ had attracted both local and foreign investors, the company planned to sell the remaining land within the next three months.
