Faisalabad Special Economic Zone (SEZ) is expected to create 70,000 new jobs
More than Rs.357 billion have been invested in the SEZ.
The newly established Special Economic Zone (SEZ) is expected to create 70,000 new jobs in a year. It will also engage 400,000 skilled workers over the next four years. The SEZ has been launched under China Pakistan Economic Corridor (CPEC) in Faisalabad.
More than 400,000 trained employees will be needed for different departments in these economic zones. Faisalabad Industrial Development and Management Company (FIEDMC) Chairman Mian Kashif Ashfaq said that M-3 Industrial City and Value Addition City, a prioritized Special Economic Zone, has turned into a center of attraction for investors across the world.
More than Rs.357 billion have been invested in the SEZ. The government has said that the investors do not have to pay tax for the next 10 years. Other than that, the luxury of duty-free import of plants, raw material, and machinery, etc. has also been announced.
Technical institutions to be made part of the project:
An agreement was reached in the final stage with a German Institution GIZ, Fauji Foundation and Punjab Vocational Training Council for manpower. FIEDMC will give them land for these institutions to set up training centers. It is also consulting the industry, so training will be given to students in accordance with their future needs.
Technical institutions, which are already working, will also be made a part of this project for providing manpower. Special centers will be started to train manpower. Labor will be trained in accordance with the needs of different sectors and departments. They will be given job contracts and will be employed without delay after completing their training.
Mian Kashif said that these megaprojects and SEZ would be a harbinger of the industrial revolution in the country. In the first category, exports oriented industry will be concentrated on in the SEZs. Then, the import substitution industry will be preferred. The local industry was in the third category of preference.
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