The launch of Special Economic Zone (SEZ) under China Pakistan Economic Corridor (CPEC) in Faisalabad has attracted many big investors. With its aim to create around 70,000 new jobs within a year and take on board as many as 400,000 skilled workers in four years, the project is believed to be the harbinger of Industrial Revolution in Pakistan.
The FIEDMC (Faisalabad Industrial Estate Development & Management Company)has signed an agreement with the German institution GIZ, Fauji Foundation and Punjab Vocational Training Council to ensure the availability of a skilled workforce. FIEDMC is also collaborating with these institutions to provide training to manpower according to the needs of different industrial sectors, providing them with land where the institutions will set up their training centers. Additionally, the project will improve employment prospects for up to 20,000 local people possessing the skill of spoken Chinese language.
With an investment of Rs 357 billion already made in the zones, the government has also announced a piece of good news for the investors — a ten years tax holiday and duty-free import of plants, machinery, raw material and other equipment. As a strong economic incentive, the project will give a much-needed boost to Pakistan’s development.