M3 industrial estate: 'FCCI plans to acquire 3,000 acres of land in second phase'

Second phase of China Pakistan Economic Corridor (CPEC) has been launched with the establishment of Special Economic Zones, however, a strategy should be evolved to encourage "Joint Ventures" to ensure technology transfer from China, said Syed Zia Alumdar Hussain President Faisalabad Chamber of Commerce & Industry (FCCI).
He was talking to a 3-member delegation of China Road & Bridge Corporation (CRBC) that has been developing and marketing Rashakai and Hathar Special Economic Zones.
Syed Zia Alumdar told that M3 Industrial Estate in Faisalabad has already been declared Special Economic Zone under CPEC. "This project is sprawling over 4,500 acers of land which has already been sold out", he told that FIEDMC (Faisalabad Industrial Estate Development & Management Company) is now planning to acquire to another 3,000 acers of land for the second phase of M3 industrial estate. He said that M3 industrial estate is strategically located along M3 motorway while Lahore, Karachi motorway of CPEC is also just within a half an hour drive. The industrial surplus produced in this estate could be easily exported to Karachi, Ghawadar, China and to the landlocked Central Asians States through reliable connectivity.
President FCCI said that many industrial units have been closed due to the lack of latest technology which could be revived with Chinese collaboration. He said that China is importing food items worth 100 billion dollars. "Pakistan could provide these items as it has surplus wheat, milk and vegetables", he told, adding that the value addition of these products would help Pakistan to bridge gap in import and export between the two countries.
Lie ZieHuwe Chairman All Pakistan Chinese Enterprises Association and Deputy General Manager of the CRBC briefed him about investment opportunities in special economic zones of Rashakai and Hatthar.
Later, he presented a shield to Syed Zia Alumdar Hussain President FCCI while Executive Member Hajji Muhammad Adrees Sidhey Sheikh also presented FCCI shield to Lie ZieHuwe. Senior Vice President Mian Tanveer Ahmed and Secretary General Abid Masood decorated Mr. Simon Lie and Khurram Khan Investment Advisor of CRBC.