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FIEDMC to Incentivize Investment in Export-led Industry, Import Substitution: Kashif

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LAHORE– Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq Tuesday said that the incumbent government is focusing on promoting export-led industry and import substitution to restrict the import bill and boost exports.

He disclosed this during a meeting with Lahore Chamber of Commerce and Industry (LCCI) President Almas Hyder in which LCCI and FIEDMC office-bearers were also present.

Mian Kashif said that FIEDMC would extend all-out assistance to exporters and try to make policies that would help promote the country’s exports across the world.

He further said foreign industrialists and investors hailing from different countries especially China can help increase Pakistan s exports by relocating export oriented industries and initiating joint ventures in various fields.

He said that this will boost industrial cooperation besides strengthening bilateral economic partnership with other countries.

He said there are investment opportunities in various sectors such as maritime, iron and steel, petrochemical, agro based industries, tourism, energy, minerals and mines and textiles. He said they have invited both local and foreign businessmen and investors to take advantage of incentives being offered by FIEDMC.

He said the FIEDMC always provided state-of-the-art facilities to its customers besides resolving their issues through one-window operation on a priority basis.

Mian Kashif stressed that investor confidence was being restored gradually after completion of the M3 project. He also highlighted various steps taken by the government for improving ease of doing business and facilitating foreign investment.

He emphasized that consistent policies were imperative to attract foreign investment into the country, which could lead the economy towards sustainable growth. “Pakistan’s economic indicators are now improving and soon the government will announce relief packages for the poor strata of society,” he added.

He said that Pakistan was a big consumers market with a population of over 200 million people. He said that many Multinational Companies (MNCs) were doing successful business in Pakistan, which showed its great potential for foreign investors. He said that it was right time for both local and foreign investors to explore Joint Ventures (JVs) and investment in SEZs and in other sectors of Pakistan’s economy in order to take advantage of being the first movers.

He also highlighted Pakistan’s reforms agenda such as steps to improve Pakistan’s ranking on the ease of doing business and structural changes in microeconomic sectors particularly industrialization in the country.

He reiterated his earlier stance that they would use all available resources to provide the best facilities to their customers so that industrial revolution would be brought not only in Faisalabad but also across the country.

Mian Kashif expressed satisfaction over the pace of development in M3 industrial city and Allama Iqbal Industrial estate besides approval of expenditure.

Mian Kashif also  extended invitation to  LCCI President Almas Hyder for visiting FIEDMC which was accepted and a high level LCCI delegation led by its President will visit FIEDMC on September 02.— PRESS RELEASE