LAHORE– Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq Friday appreciating prudent policies of Prime Minster Imran Khan to handle coronavirus crisis in the country said the government should devise a standard operating procedure (SOP) for factories so that clusters of essential industries could be allowed to resume operation to avoid further financial crunches and unemployment.
He expressed these views while talking to a delegation of investors and traders who called on him to discuss the possibilities of reopening of industry and markets across the country,” said a press release issued on Friday.
Mian Kashif said the lifting of lockdown on industries is the need of the hour otherwise more than 20 million industrial workers would be deprived of their jobs besides the complete lockdown is causing huge losses to traders , investors and industrialists.
He said for the industrialists, the ongoing lockdown has led to income erosion and additional cost of doing business, as they have to pay salaries and arrange rations for workers and daily wage earners.
He further said the SME sector was the worst affected due to the lockdown and urged the government to reschedule the sector’s debt. “Pakistan’s economy is projected to face a loss of up to 4.64% of gross domestic product (GDP) because of disruptions in trade, both imports and exports, after the outbreak of COVID-19,” adding he said there is assessment that there is losses at Rs 1.2 trillion in a limited lockdown scenario, Rs 1.96 trillion in a moderate and Rs 2.5 trillion in case of complete restrictions on movement, which symbolises a curfew-like situation.
Mian Kashif further said FIEDMC is also facing hurdles to accomplish tasks necessary to be completed to create economic activities besides helping the country to boost the exports.
He said about US$2 billion exports orders have been cancelled due to coronavirus outbreak. He said 1500 acre lands have been designated for Chinese in Allama Iqbal Industrial City and he was expected flow of foreign investments from other countries too.
He said Chinese are relocating their industries from China to Pakistan under CPEC and this would be helpful for the economy of the country but unfortunately, this process is slowdown due to coronavirus. “This Special Economic Zone is not only important because the Chinese are ready to invest in our country, but also because they will transfer their technology to us, increase our productivity and set up technical institutes.
Mian Kashif said the mega projects in FIEDMC is expected to create 300,000 jobs for the people of Punjab in the next five years and attract an investment of around Rs400 billion in automobiles, value-added textiles, engineering, pharmaceuticals, food processing, chemicals, construction materials.
