Chaudhary Muhammad Nawaz, President Faisalabad Chamber of Commerce & Industry (FCCI) has welcomed the recent decision to grant status of Special Economic Zone (SEZ) to M-3 Industrial City and Value Addition City Faisalabad and said that it will not only attract maximum Foreign Direct Investment (FDI) but also generate economic activities, create millions of job opportunities and enhance national exports.
While talking to newsmen on Friday, he pointed out that SEZ committee meeting was held on Thursday in which this important issue was taken up particularly in view of CPEC and its possible economic benefits to the local industry. He said that M-3 Industrial City is strategically located on Motorway M-3, near Faisalabad city which connects north via Motorway M-2 for Islamabad, Peshawar and onwards to China, Afghanistan and Central Asian States. "It also connects in south with M-4 for the sea port of Karachi and National Trade Corridor to the deep seaport of Gawadar", he added.
President said that this well planned and scientifically developed industrial estate could not fully colonise due to the protracted energy crisis and unfavourable circumstances. The Board of Directors of FIEDMC under the dynamic leadership of Mian Muhammad Adrees has taken bold decision to colonize it at a much faster pace. He told that APTPMA has already inked one MoU and purchased one thousand acres of land in M-3 Industrial City for the immediate shifting of their textile processing units presently working in congested urban areas.
He said that this landmark decision of giving SEZ status will certainly attract the foreign investors as M-3 industrial estate is the most appropriate place for scientifically planned and international compliant industrial units. He said that the industrial units located in FIEDMC-SEZ will enjoy 10-year corporate tax holiday in addition to duty free import of machinery and equipment.