First phase of CPEC’s state-of-the-art Allama Iqbal Industrial City completed

China Economic Net

Islamabad: In a big achievement, the first phase of China-Pakistan Economic Corridor (CPEC)’s state-of-the-art Allama Iqbal Industrial City had been completed.

Allama Iqbal Industrial City is the first Special Economic Zone (SEZ) of Punjab under the multi-billion-dollar CPEC. Rs 7.5 billion have so far been spent on the completion of first phase.

Speaking to a delegation of exporters and investors here on Wednesday afternoon, Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq said Prime Minister Imran Khan had expressed satisfaction over the pace of development of this project.

He said the PM, who met him recently, had directed Federal Minister Hammad Azhar, adviser to PM on Commerce Razak Dawood and Minister Industries Punjab Mian Muhammad Aslam Iqbal to ensure provision of basic infrastructure including gas, electricity, roads and civic centre on top priority before its execution.

He said nearly 20 industrial units have started their production, which covered one third of land of first phase of Allama Iqbal Industrial city while remaining will go into operation by the end of year.

“The PM further directed to minimize the time of allotment of industrial plots to foreign and local investors and all investors must also be facilitated through one window operation,” he added.

He said this project spread over a tract of 3300 acres of land was being completed on fast track basis, which included furniture city, apparel park, modern business centre and the largest expo centre for displaying Pakistan made products to attract local and foreign buyers.

Ashfaq said in line with the transparent policy of the Chief Minister Punjab Usman Buzdar, industrial plots are being allotted to export based industries, imports substitute industries and relocation of local industries.

He said he attended a meeting with the PM the other day who was optimistic about the future of the country and fully committed to providing best possible package of incentives to foreign and local investors to boost up industrial production to strengthen the national economy which promise better living conditions to poor strata of the society.

He said the PM had already approved 500 megawatt grid station and 40 MMCF gas to meet the demands of the industrial units.

Meanwhile, official media reported that around 88 per cent work on 720MW Karot hydropower project had been completed and this important project under CPEC will be ready in April 2022.

The project is being developed on a Build-Own-Operate and Transfer (BOOT) basis at an estimated cost of US $ 1.98 billion including a development cost of US $1.698 billion and interest during construction of US $ 243 million by Karot Power Company Private Ltd.

The Karot Power Company was comprising of M/s Three Gorges South Asia Investment Ltd (TGSAIL) and Associated Technologies (Pvt) Ltd of Pakistan.

The power project – the first of its kind under the CPEC – is being built on the River Jhelum. The project would bring US $ 1.780 billion investment besides provision of employment opportunities to 5000 local people of the area.

Upon its completion, the 720 MW Karot hydropower project would supply 3.249 billion units per annum clean electricity to the national grid.