Chairman Faisalabad Industrial Zone Development and Management Company (FIEDMC), Mian Kashif Ashfaq expressed appreciation for Prime Minister Imran Khan’s vision for the country. Mian Kashif believes that his large package for the construction industry is a glimmer of hope during the national crisis. In fact, he said that promoting Pakistan’s construction industry during COVID-19 was locked would give a boost to the country’s economy; and ultimately creating new employment opportunities for the affected population.
The Chair of the FIEDMC expressed this view on April 4, during the Prime Minister’s visit to the Punjab Governor’s House. He then explained, “the construction sector has great potential to encourage economic activity. However, due to government restrictive measures, it shrank 7.6% during 2019 according to the SBP’s last quarterly report. This causes huge losses for the economy “.
By explaining the package, he said, “all the important features announced in this colossal incentive package will help increase economic activity. In addition, it will provide trust to investors and the business community “.
The Chair of the FIEDMC congratulated Prime Minister Imran Khan for having emerged as a great leader; especially when the global pandemic affects all areas of life – including the business sector. He then praised the Prime Minister for allowing Pakistan’s economic independence; while helping the strata of the poor.
According to the Chair of the FIEDMC, “another important point in this package is that the government will not ask anyone about the source of revenue that will be pumped into the country’s construction sector. He said that this would attract people to bring their black money by participating in economic activities “.
In-depth analysis of the Mian Kashif package
Mian Kashif further said that Prime Minister Imran Khan deserves appreciation for announcing a subsidy of Rs 30 billion for Pakistan’s Naya Housing Scheme. He believes that it will further enhance the construction industry.
“There is a shortage of more than two million homes in Pakistan at present, while the size of the construction industry is more than Rs 250 billion. And now after the announcement, this will help the sector to fill the housing gap and create jobs ”. He later clarified, “It is a good thing that the government gives the construction sector industrial status. This will increase the facilities available to him. ”
There is a shortage of more than two million homes in Pakistan at present, while the size of the construction industry is more than Rs 250 billion
The Chair of FIEDMC further explained that the growth of many allied industries was related to the growth of the construction sector. Therefore, all these conducive policies will help develop an allied industry; in fact, it contributes significantly to the strengthening of the economy.
He then emphasized on the production of local raw materials. “Raw materials for the construction industry must be made domestically; therefore, the government must prevent the import of raw materials for the construction and housing sectors. ”
Mian Kashif also announced that FIEDMC will provide all necessary facilities for foreign investors and entrepreneurs. This will help them invest in the country’s real estate and set up their own units in the Allama Iqbal Industrial City building.
FIEDMC and its Industrial City
Faisalabad Industrial & Economic Development Company (FIEDMC) is a Public-Private Partnership (PPP) entity between the Punjab government and the Faisalabad business community. The Punjab Government formed this entity in 2004 as a public company, which was founded by the Punjab Government. All these operations were carried out during Jahangir Khan Tareen’s term as ‘CM Punjab Advisor on Special Initiatives”.
Since the establishment of FIEDMC, he has succeeded in building three industrial estates along the Faisalabad highway; namely: City of M-3 Industries, City of Added Value and the latest, City of Industry of Allama Iqbal (AIIC).
The Industrial City of Allama Iqbal witnessed its breakthrough at the hands of Prime Minister Imran Khan, on Friday 3 January 2020. The city stretches over an area of 3,200 hectares and is the CPP’s special priority economy first. The economic zone is strategically located opposite the M-3 Industrial City and is interconnected via a flyover at the Sahianwala Interchange, Motorway M-4, Faisalabad.
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