Mansoor Sadiq

Islamabad needs a new industrial zone to promote  industrial sector and attract investment, said Faad Waheed, Senior Vice President of Islamabad Chamber of Commerce and Industry (ICCI). Talking with WealthPK, Faad said Islamabad has seen fast expansion during the last 15 years, and the existing industrial area has no more space to set up new industrial units. “As per Master Plan of Islamabad, the industrial area of sectors I-9 and I-10 have come almost in the middle of the city with no adequate space available for establishment of additional industrial units,” he pointed out.

Faad said that industrial estate plays a pivotal role in bringing prosperity to a larger extent with poverty reduction through creating plenty of job opportunities. Urging the government to give due consideration to this important issue, the ICCI senior vice president said that a massive ratio of taxes on part of the Capital Development Authority (CDA) and Metropolitan Corporation Islamabad (MCI) has multiplied the problems of local industrialists in the capital city. He said the new industrial zone will not only promote industrial base but also bring multiple benefits to the economy as it would create new job opportunities, enhance tax revenue and boost exports.

Faad mentioned that a few years back, with joint efforts of CDA and ICCI, Sector I-17 was earmarked for the purpose of industrial estate, and land acquisition process had also started, but later, the CDA changed the Master Plan for Islamabad and redesignated Sector I-17 from industrial use to institutional purposes. The government has identified a piece of private land near Rawat Industrial Estate to establish a new industrial zone in the vicinities of the Islamabad Capital Territory (ICT); however, there are some other options under consideration.

Faad said a large number of potential investors are willing to set up industries in Islamabad. He said a new industrial zone is the main requirement to make all this feasible.The ICCI senior vice president said industrialisation is a key element of Pakistan’s bright economic future. He said  state departments and the Punjab provincial government need to fully cooperate with the ICCI in its endeavours for a new industrial estate for the federal capital. He said Islamabad is a gateway to northern areas, and also the main artery towards China, which could prove a potential economic hub in coming years to boost trade and industrial activities in the region.

Credit: Independent News Pakistan-WealthPk