Country's largest industrial estate to be set up in Faisalabad

RECORDER REPORT

LAHORE (September 17 2005): Punjab Chief Minister Chaudhry Pervaiz Elahi has said the largest industrial estate of the country is being set up in Faisalabad, stretching over an area of 4000 acres.

He said this project would be completed within five years wherein investment of $7 billion would be made. Similarly, a Value Addition City is being established in Faisalabad 70 percent plots of which has been sold and the industrialisation process there is in full swing.

Elahi was presiding over a briefing regarding Faisalabad Industrial Estate Development and Management Company, here on Friday.

Punjab Minister for Industries Muhammad Ajmal Cheema, Faisalabad Industrial Company Chairman Mian Muhammad Latif, Chief Secretary Kamran Rasool, Principal Secretary Finance & Taxation Salman Siddique, Secretary Industries Javed Majeed and other senior officers were also present.

The Punjab CM said infrastructure of international standard was being provided for industrial projects in Faisalabad. He said Value Addition City would prove to be a milestone in the development of textile sector.

Elahi said Value Addition City would be completed by the end of December and added that Faisalabad Industrial City would prove to be the most important industrial project of the country due to its vastness.

Faisalabad Industrial Estate Development and Management Company chief executive Khurram Iftikhar gave a detailed briefing on the occasion regarding industrial projects in Faisalabad.

He informed the meeting that provision of gas, water, electricity and other facilities has been ensured in value addition city, adding completion of industrial projects under private-public partnership have resulted in strengthening of private sector.

Faisalabad Industrial Estate Development and Management Company, chairman Mian Muhammad Latif said mega industrial estate of Faisalabad would give an impetus to local and foreign investment in textile, engineering, chemical and other sectors.

Copyright Business Recorder, 2005

no mention of where that $7 billion is going to come from. also what kind of industries are to be encouraged to set up there. Usual Pakistani journalism, very light on details. Reporters should ask more questions.

Money comes from selling properties and private investments and some from the govt,

Im guessing that $7 billion is an estimate of potential investment that could come into the estate. But I would have liked more details, like what industries are to be set up? have any companies already made commitments? Or even more details on the infrastructure that is being set up

Anyways, is Faislabad already an industrial city? Because I never thought of it as a big city with much business. Or are they trying to turn it into one?

i know that, what i am saying is WHO has offered to buy this land or lease it, what kind of industries have shown interest etc etc....

too thin on details, $7 billion could be what they are hoping for, doesn't mean they will get it.

hellraiser:

The author says, a 4000 acre industrial estate would be setup wherein would be made.

That is, it has the capability to attract $7 bn worth of investment.

The government sets up all the land and basic infrastructure in the industrial estate, and asks the private players to come in and setup their factories. I think the land is leased out on very friendly (cheap) terms. The government earns most of its income from the taxes revenues they subsequently get from these factories. In some cases there is a tax department in the industrial estate itself.