Chinese firm Zhengbang to invest Rs. 800 million in the agri sector

ISLAMABAD, March 8 : After the launch of China Pakistan Economic Corridor (CPEC)’s first Rashakai SEZ, colonization of the second CPEC Allama Iqbal Industrial City (AIIC) Faisalabad begins with planned Rs.53.6 b Investment.

Gwadar Pro quoting Board of Investment (BOI) on Monday stated that AIIC SEZ Committee accorded “approval to 15 applicants and allotted land of 320 acres”.

The applicants include a Chinese Firm Zhengbang Agriculture Pakistan Private Limited with a plan Rs. 800 million investment in the agri sector.

Amongst the other 14 local firms, Zahid Jee Textile Mills, Ocean Ceramics, and Ittehad Metals to initiate business establishments worth Rs.11.8 billion, Rs.11.2 billion and 7.5 b respectively.

Also, the Vehari SEZ Committee during a meeting approved its first zone enterprise and the colonization of the zone started with admission of a firm Suraya Aslam Paper Private Limited to establish a project worth Rs. 100 million.

In another development, the SEZ Committee of Rahimyar Khan allotted land and approved zone entry to Naseem Export Private Limited with a planned Rs 4.5 b investment.

The application for zone enterprise entry and allotment of land were submitted and processed via SEZ’s MIS Module designed by the federal BOI recently.

The module ensures transparency and facilitation and works as a one-window operation, a vision of the government to ensure ease of doing business.

Along with the allotment of land, these enterprises are now entitled to SEZ’s benefits, including custom duties and tax exemption under the SEZ Act 2012.

Minister of State and Chairman BOI Atif Bokhari said that the automation process of SEZs, envisioned by the Prime Minister Imran Khan, is now “bearing fruits”.

“The SEZ MIS Module was approved to facilitate investors to gain admission in zones and ensure transparency in allocation of plots in various SEZs,” he added.

According to Fareena Mazhar, secretary BOI, the international investors could easily avail the opportunity to identify and select the potential locations for setting up their units in the SEZs.

“BOI would provide timely facilitation particularly availability of utilities to SEZs”, she said and added that BOI will ensure handholding of the investors and provinces at every stage of the industrial development.