Chinese firm investing in Faisalabad signs land deal

Imran the legend

Chief Minister (5k+ posts)
FIEDMC will provide land to the foreign firm in SEZ of M3 Industrial Estate

FAISALABAD: Best possible facilities are being offered to foreign investors to ensure speedy colonisation of Allama Iqbal Industrial City and in this connection more steps are underway to attract maximum foreign direct investment (FDI), said Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chairman Mian Kashif Ashfaq.

Addressing a ceremony to sign a memorandum of understanding (MoU) between a Chinese company, Oreal Ceramics, and FIEDMC on Monday, Ashfaq said that FIEDMC will provide land to the Chinese company in the special economic zone (SEZ) of M3 Industrial Estate, while Oreal Ceramics will invest $70 million as FDI.

He said best facilities are being offered in the M3 zone, which will certainly encourage other foreign investors to set up their units and earn sizable profits from their investments.

This industrial estate is providing state-of-the-art and internationally-compliant facilities in the “safest zone of Pakistan”, he said, adding that investors would be in a position to immediately set up their units and start their production.

“On the other hand, these units would create new job opportunities,” he added.

The chairman assured Chinese investors that more facilities would also be extended to them so that they could set up their units and work in a peaceful environment.

Oreal Ceramics CEO Lue

Chue Ching said Oreal is one of the leading and state-of-the-art units, which has a vast experience in manufacturing ceramics and porcelain tiles with innovative colours and designs.

He said that due to strict quality control, their products are in great demand in different developed countries.

Regarding the local setup of Oreal Ceramics, he said FIEDMC will provide them land very soon, while physical construction work on the site will be started within the next three months.

This unit will offer 400 jobs to local youth, Lue shared, adding that he will convince other Chinese companies to come here and set up their units to earn sufficient profit from their investment.