Friday, April 19, 2024

Allama Iqbal Industrial City Announced Attracting Investment of Rs. 35.8Billion

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.

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