Allama Iqbal Industrial Zone in Faisalabad holds groundbreaking ceremony
by Muhammad Mehdi
FAISALABAD, Mar.19 (Gwadar Pro) - The groundbreaking ceremony of Allama Iqbal Industrial Zone Faisalabad has taken place. Linking the M-3 motorway and covering an area of 4,500 acres, the project has the best location to set up excellent industries, and will be the most important business hub of the future.
Flowing the M3 Industrial City project, Allama Iqbal Industrial Zone is the second major project in the Faisalabad Industrial Estate Development and Management Committee's Special Economic Zone.
M3 Industrial City covers an area of 4356 acres with all the world-class facilities including one-window operation system to save time for businessmen and avoid unnecessary delays. As there is a no hurdle to obtain an electrical connection or getting permits/ NOC, businesses have been established on time.
Allama Iqbal industrial zone is still in preparation. Investment for this project will be Rs 400 billion. It will play a significant role in developing various sectors, such as value added textile mills, pharmaceuticals, food processing, construction materials, packaging and automobiles. It is estimated that the industrial zone will contribute a lot to Pakistan's GDP growth by expanding its exports. And when it comes to the market, it is expected to have an extraordinary positive impact on the lives of the locals. Poverty ratio will be decreased with the improvement of living standards.
As the industrial belt of Pakistan, Faisalabad is a city that has the honor of being recognized not only by Pakistan but also by Asia's largest agricultural university. Faisalabad is able to attain the status of industrial center due to location, given that it is connected to all major cities of Punjab, Sindh, Khyber Pakhtunkhawa via highways, railways and International Airport. It is also a large-scale textile manufacturing city, where processing mills and engineering facilities have a large presence in Silk and Cotton Textiles, as well as hosiery, dyes, clothing, and agricultural equipment.
Faisalabad is called Manchester of Pakistan not just today but at the time of its establishment. When the city was established, its name was Lyallpur. It is the third largest industrial estate of Pakistan, and boasts an extraordinary position in textile and apparel products. The history and culture of Faisalabad is in fact connected with the business and industry of this big business city, which lays the ground for this city's reputation and identity.
The city has a profound impact on Pakistan's economy. The textile industry of the city adds a huge amount to the federal budget of the Pakistan every year. It adds $ 5 billion annually to Pakistan's budget, which is in addition to the money it earns from the local market.
This entire scenario suggests that there should be no doubt that the Special Economic Zone will develop immeasurably, and this development will be beneficial for both Pakistan and China. This project will be able to play a role in the global economy as well in changing the social life of Faisalabad's local population.