Lahore: Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) Chairman Sher Ali Arbab announced the federal government’s decision to inaugurate the Allama Iqbal Industrial City (M3) Faisalabad on January 3, 2020 — a news source reported.
As per the chairman, China and Pakistan had earlier decided to collaborate on the development of three Special Economic Zones (SEZs). These included the M3 Industrial City, along with two others situated in Dhabeji, Sindh and Rashakai, Khyber Pakhtunkhwa (KP). Regarding the latter two SEZs, Arbab added that they were expected to be inaugurated sometime in April of next year.
The chairman stated that the Board of Investment (BOI) was planning to amend the SEZ Act 2012 in order to facilitate the industrial zones under CPEC.
Sources have also reported that the Punjab government has invited bids for the development of M3 Industrial City, which spans an area of 4,000 acres.
Arbab revealed that the CPEC committee would also visit Gwadar to review the development projects underway in the port city. He added they would organise open courts to resolve problems pertaining to these projects, along with issues faced by Gwadar’s residents.