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Colonization of second CPEC economic zone begins with Rs. 53.6 billion planned investments

Islamabad: According to a recent news report, the colonization of the second CPEC SEZ, Allama Iqbal Industrial City (AIIC)-Faisalabad, has begun with expected investments of Rs. 53.6 billion, following the opening of the first SEZ on the China-Pakistan Economic Corridor (CPEC) in Rashakai. According to info, the AIIC SEZ Committee approved 15 applications and allocated 320 acres of land to businesses at a meeting on Friday.

Read More: Chinese ambassador seeks foreign investment in CPEC economic zones

According to officials from the Board of Investment (BoI), one of the applicants was Zhengbang Agriculture Pakistan Private Limited, a Chinese company with plans to spend Rs. 800 million in the agriculture sector. Zahid Jee Textile Mills, Ocean Ceramics, and Ittehad Metals are among the local companies with plans to invest Rs. 11.8 billion, Rs. 11.2 billion, and Rs. 7.5 billion, respectively.

Meanwhile, the Vehari SEZ Committee approved the first zone enterprise at a meeting. The establishment of a project worth Rs. 100 million by a company called Suraya Aslam Paper Private Limited kicked off the colonisation of this region.

Read More: No debt burden on Pakistan due to CPEC power projects: China

While praising the progress, Atif R. Bokhari, Minister of State/Chairman Board of Investment, said that the automation of SEZs, as imagined by Prime Minister Imran Khan, is now bearing fruit. He added that the SEZ MIS Module was agreed to make it easier for investors to obtain access to zones and to ensure clarity in plot allocation in different SEZs.

For more details, visit our website Property News.

 

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