Adviser to Prime Minister on Commerce Abdul Razak Dawood on Tuesday, terming project of Allama Iqbal Industrial City imperative for industrial development in the country, said projects like Faisalabad Industrial Estate Development & Management Company (FIEDMC) would help the industry generating economic activities by attracting foreign and local investors besides enhancing volume to exports to meet the challenges of trade deficit.
He expressed these views while talking to FIEDMC Chairman Mian Kashif Ashfaq during a meeting held here today. Chief Operating Officer FIEDMC Aamir Saleemi was also present on this occasion. Pakistan's exports went up by 7 percent as production line had gone up despite difficult environment, he said.
"The trade gap was narrowing down as exports were showing steadying trajectory while imports got reduced by $4 billion and overall current account deficit also improved," he added. He said that the situation on economic front was not as bad as being portrayed by some quarters and they were ready as well to correct things.
However, he also conceded that the economic situation must have improved at much accelerated pace. He said that the exports of garments went up by 29 percent, cement 25 percent, basmati rice 21 percent and footwear 26 percent in the current fiscal year. He said that the government provided subsidy to export-oriented sector on electricity and gas and it would be continued in coming year.
FIEDMC Chief, Mian Kashif Ashfaq apprising the Advisor of Allama Iqbal Industrial City said this sole project would house as many as 400 industries besides giving employments to 2,500,00 people. He said approximately Rs400 billion foreign and local investments would be pumped into this project and development project is being carried out on fast track.
FIDEMC always provided state of the art facilities to its customers besides resolving their issues through one window operation on top priority basis. He said the confidence of the investors on is being restored after completion of M3 project.