The Board of Investment (BoI) declared on Friday that the colonization of Allama Iqbal Industrial City in Faisalabad, the second special economic zone (SEZ) under the China-Pakistan Economic Corridor, has begun with a proposed investment of Rs53.6 billion.
At its meeting, the Allama Iqbal Industrial City SEZ Committee approved fifteen applications and allocated 320 acres of land for projects.
Colonization is a technical term that refers to the process of developers establishing units in an industrial zone.
A Chinese company, Zhengbang Agriculture Pakistan (Private) Limited is one of the applicants, with a proposal to invest Rs800 million in the agriculture sector. Zahid Jee Textile Mills, Ocean Ceramics, and Ittehad Metals will start businesses worth Rs11.8 billion, Rs11.2 billion and Rs7.5 billion, respectively.
