Islamabad: China-Pakistan Economic Corridor (CPEC) Authority Chairman Lt Gen (retired) Asim Saleem Bajwa on Saturday (July 17) stated that building and infrastructure development work in the 3,217-acre Allama Iqbal Special Economic Zone (SEZ) in Faisalabad is progressing rapidly, news sources reported.
A total of 2,276 acres of the property is available for purchase, while 33% of it has been acquired by 69 corporate groups and investors. Of the acquired land, 182-acre land was purchased by foreign entities and development has begun.
The Faisalabad’s SEZ, also known as the Allama Iqbal Industrial City (AIIC), is the largest of all SEZs being constructed as part of the CPEC effort to increase commerce and industry in the country. It is located close to the M3-Industrial City, which is home to major textile manufacturers.
Furthermore, Mr Bajwa stated that once completed, the AIIC will give numerous job possibilities for locals. The SEZ will also include a 200-acre medical city for the production of medical devices, reducing the need for imports.
Furthermore, the chairman stated that the AIIC is one of the nine SEZs planned under CPEC and that it is on the priority list of three SEZs to be established in Sindh, Khyber Pakhtunkhwa (KP), and Punjab. Dhabeji SEZ in Karachi, and Rashakai SEZ in KP are the remaining two SEZs on the priority list.
Furthermore, Mr Bajwa stated that 88 % of the construction on the 720-megawatt Karot Hydropower Project has already been completed.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
