Business

Govt asked to set up new industrial zone in capital


ISLAMABAD:

Around 1,200 industrial units are operating in Islamabad in the areas of steel, marble, flour, pharmaceuticals, IT and light engineering, chemicals and soap, edible oil, cement and furniture, said Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Shakeel Munir.

Speaking to a delegation of the Islamabad Industrial Association on Saturday, he underlined the need for establishing a new industrial estate in the region so that more factories could be set up.

According to him, the three existing industrial estates in the region have insufficient space for the installation of new units or expansion of existing ones.

“Due to this problem, potential investors are relocating to other regions of the country,” he lamented.

The official urged the government to cooperate with businessmen in creating an industrial zone in Islamabad, stressing that it would help promote industrialisation, create employment, enhance investment and increase tax revenue for the government.

Endorsing his views, Founder Group Chairman Mian Akram Farid and Islamabad Industrial Association President Sheikh Tariq Sadiq requested the government to join hands with the business community and set up another industrial zone in the region.

They emphasised that the scheme would help promote regional trade and exports.

They appealed to the government to announce a special incentive package for industries, similar to the relief provided to the construction sector, to accelerate industrialisation, which would immensely benefit the economy.

“It will also attract substantial foreign direct investment, boost technology transfer and motivate foreign companies to enter into Pakistan through joint ventures,” they said.

ICCI Senior Vice President Jamshaid Akhtar Sheikh and Vice President Faheem Khan called on the government to allow duty-free import of industrial machinery to enable businessmen to upgrade their plants. “This will help in the production of value-added goods and aid exports.”

Published in The Express Tribune, October 10th, 2021.

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