Adviser to Prime Minister on Commerce Abdul Razak Dawood met with Faisalabad Industrial Estate Development & Management Company (FIEDMC) Chairman Mian Kashif Ashfaq and applauded their efforts in improving industrialization and advancing ease of doing business in Pakistan. Chief Operating Officer FIEDMC Aamir Saleemi was also present on this occasion.
Razak Dawood said that project of Allama Iqbal Industrial City would help the industry in generation of economic activities by attracting foreign and local investors besides enhancing volume to exports to meet the challenges of trade deficit. Pakistan’s exports went up by 7 percent as production line had gone up despite difficult environment, he said.
The trade gap is narrowing down as exports are showing a steadying trajectory while imports have been reduced by $4 billion and overall current account deficit has also improved. Sources suggest that the situation on economic front is not as bad as being portrayed by some quarters and the situation is set to improve with time. The exports of garments went up by 29 percent, cement 25 percent, basmati rice 21 percent and footwear 26 percent in the current fiscal year.
FIEDMC Chief, Mian Kashif Ashfaq apprising the Advisor of Allama Iqbal Industrial City said this sole project would house as many as 400 industries besides giving employments to 2,500,00 people. He said approximately Rs400 billion foreign and local investments would be pumped into this project and development project is being carried out on fast track. The investors on is being restored after completion of M3 project.
