Lahore: The Punjab government has invited bids for the construction of the Allama Iqbal Industrial City, which is one of the three Special Economic Zones (SEZs) slated for development in the country, a news source reported. As per officials, the said SEZ facility is being developed near Faisalabad under the China Pakistan Economic Corridor (CPEC) project framework.
Previously, during the 9th Joint Cooperation Committee (JCC) meeting, both the countries had decided to commence with the launch work on the three SEZs; which were are expected to be developed between November 29 and December 30. This decision was taken after the recent directives from the Prime Minister for speeding up the process of establishing SEZs. The federal government hopes that Chinese firms would relocate their manufacturing facilities to Pakistan, boosting the latter’s exports volume.
According to reports, six Chinese companies have already bought land in the AIIC in order to commence with their business activity, but are awaiting the provision of electricity supplies in the area. The officials concerned recently stated that the hoped to complete the electrification process by February next year. Following the availability of power supplies, investors will be able to complete their unit construction and development within a timeframe of one year.