U.S. Businessmen are interested to invest in a special economic zone (SEZ) of Faisalabad Industrial Estate Development and Management Company (FIEDMC) ‘Allama Iqbal Industrial City’. This is an economic zone that will be constructed under the banner of China Pakistan Economic Corridor (CPEC).
According to a press statement, U.S. businessmen are interested to invest in it due to the high market potential of the country and better governance.
A US-based businessmen delegation led by Pakistan American Business Forum (PBAF) President Riaz Hussain called on FIEDMC Chairman Mian Kashif Ashfaq. The delegation showed keen interest to explore the investment opportunities offered by FIEDMC.
The aim of the meeting was to provide an opportunity to exchange views and find the areas of interest for trade and investment.
The delegation was briefed by Ashfaq about the opportunities and incentives that are being offered by the investors.
Many facilities are given to the foreign and local manufacturers by FIEDMC in line with the vision of Prime Minister Imran Khan.
It is pertinent to mention here that the industries that are within the export processing zone will be exempted from tax for a period of 10 years. Also, plants, machinery, raw material, and other equipment will be imported duty-free.
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.”
PBAF President Riaz Hussain said, “It was a great opportunity to build our relations and US-Pak trade relations are reflecting positive figures. Pakistani exports to the US increased by 6 percent in 2019 as compared to the same period of last year and in 2018 the two-way trade stood at $6.6 billion.”