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LAHORE, Aug 21 (APP): Provincial Minister for Industries and Commerce, Chaudhry Shafay Hussain chaired an important meeting to review overall performance of Faisalabad Industrial Estate Development and Management Company (FIEDMC) here at PSIC House on Thursday.
The provincial minister expressed satisfaction over the measures taken by FIEDMC during the last one year for the promotion of investment. Secretary Industries Muhammad Umar Masood, Chairman FIEDMC Rana Azhar Waqar, CEO Mian Jameel Ahmad, Senior Economic Advisor Javed Iqbal, and other concerned officials attended the meeting.
Chaudhry Shafay Hussain said that during the last one year, effective steps had been taken to attract investment in industrial estates managed by FIEDMC. Construction of boundary walls, better security arrangements, and better industrial infrastructure had resulted in new investments worth billions of rupees. In the last six months, 64 industrial plots were sold in Allama Iqbal Industrial City. He said that setting up industrial units on these plots would bring local investment worth Rs. 119,526 million and foreign investment worth Rs. 7,601 million, creating employment for 6,582 people.
In M-3 Industrial City, 16 industrial plots were sold during the past six months. Establishment of industrial units on these plots would bring local investment of Rs. 4,205 million and foreign investment of Rs. 1,598 million, creating 2,000 new jobs. The provincial minister emphasized that if industries were not established on the acquired plots according to policy, the plots would be canceled. He made it clear that there would be no compromise on the quality of ongoing development works in the industrial estates.
Chaudhry Shafay Hussain further directed that follow-ups must be ensured to achieve the set targets, and oxygen-producing trees should be planted in the industrial estates. He added that under FIEDMC, a railway station and a community center were under construction, while the Chiniot–Sahianwala Road was also being developed. Best facilities and foolproof security had been provided to foreign investors, The Minister concluded.
CEO FIEDMC Mian Jameel Ahmad gave a detailed briefing to the provincial minister on ongoing development works and other matters in the industrial estates. He informed that currently 217 industrial units were operational in FIEDMC-managed industrial estates. In the past seven months, Rs. 2,000 million had been recovered from allottees, while recovery notices worth Rs. 3 billion had been issued.