The US entrepreneurs have shown keen interest to invest in Allama Iqbal Industrial City, a prioritized Special Economic Zone (SEZ) of Faisalabad Industrial Estate Development and Management Company (FIEDMC) under CPEC besides due to immense market potential of the country and improved governance.
A delegation of US based businessmen led by President Pakistan American Business Forum (PBAF) Riaz Hussain called on FIEDMC Chairman Mian Kashif Ashfaq here Tuesday and they were ready to explore the new investment-friendly business environment offered by FIEDMC. The major purpose of the meeting was to provide an opportunity to exchange the views and identify the areas in trade in which investment can be pumped.
Mian Kashif Ashfaq briefed the delegation and apprised them of the investment opportunities and incentive packages being offered to investors. He FIEDMC, following the vision of Prime Minister Imran Khan, was extending maximum facilities to the foreign and local manufacturers and providing all services to businessperson under one roof for ease of doing business in the province.
He further said all industries within the export processing zone will be exempted from tax for a period of 10 years and plants, machinery, raw material and other equipment will be imported duty-free.
He said that around Rs 400 billion foreign and local investments will be injected into various projects, which clearly indicate that investors have reposed complete confidence in the present regime. “More than 25 Chinese companies had made agreements for investments in the industrial city,” he added.
Mian Kashif said the US has titled 2020 as Partners for Prosperity Year, which can only be materialized once we have an increase in people to people contact. Also, enhance cooperation with key organizations in both countries to ensure cohesive and coordinated strategies in promoting U.S. private sector interests in Pakistan, he added.
PBAF President Riaz Hussain highlighted the key objective of the forum with respect to Pakistan and US trade relations. It’s a greatest opportunity to build our relations and US-Pak trade relations are reflecting positive figures, he said, adding that Pakistani exports to US have been increased 6% in 2019 as compare to the same period in 2018 and referred that in 2018 the two ways trade stands at 6.6 billion dollars.
He urged relaxation in tariffs for Pakistani products, adding that after effective measures to reinstate law and order and curbing money laundering, the business environment of Pakistan has gotten far better. Identifying areas, he said there was potential in agriculture, livestock, and food processing and seafood sectors for US companies.
Later, the delegation members expressed satisfaction over rapid pace of development of Allama Iqbal Industrial City and M-3 project on priority.