The Faisalabad Industrial Estate Development and Management Company (FIEDMC) Wednesday granted "Zone Enterprises Status to 11 international and local companies in M3 industrial city spread over on tract of 4356 acres of land which promise 10-year tax holiday and one time duty free import of machinery.

According to a spokesman, the decision in this regard was taken at a high level meeting held under the chair of FIEDMC Chairman Mian Kashif Ashfaq while Board of Investment (BOI) Secretary Omer Rasool, FIEDMC Chief Operating Officer (COO) Aamer Saleemi, Punjab Board of Information Technology officials and others were also present on this occasion. Export orientation and import substitution industry was given top priority to lessen the import bill and boost the export manifold worldwide.

FIEDMC Chairman said that 42 international and local companies are already enjoying same status and now the figure rose to 53, which is another milestone achieved by the Estate towards industrialisation of the province. These 11 companies will inject seed money of Rs43 billion investments in execution of first phase of their projects. He said industries operating in the FIEDMC will have an immediate access to high-quality infrastructure, un-interrupted power supply, public facilities and support services along with simpler ease of doing business

He said the confidence of the investors is being fully restored after completion of M3 project. He also highlighted various steps taken by the government for improving ease of doing business and facilitation of foreign investment. He said that consistency in policies was imperative for attracting foreign investments into the country that can lead the economy towards sustainable growth. Pakistan's economic indicators are now improving and soon the government would announce relief packages for the poor strata of the society, he added.

Board of Investment Secretary Omar Rasool said the government is focusing on attracting local and foreign investment for industrial growth, exports and substitution for imports in the country. Pakistan is providing equal opportunities and incentives to all foreign investors in every sector, he said.

Pakistan has competitive advantage for investment in major sectors in automobiles, food processing, information technology, logistics, value-added textiles and tourism, which have been termed as the priority sectors, he added.

Source: Business Recorder