Islamabad Chamber of Commerce & Industry has called for setting up of an Industrial Park in the jurisdiction of federal capital to woo new investors and promote industrialization.
 

Talking to a delegation of local industrialists at Chamber House, Khalid Chaudhry, Acting President, Islamabad Chamber of Commerce & Industry said that the three industrial estates in Islamabad including I-9, I-10/3 and Kahuta Triangle don’t offer space to new investors due to reaching the saturation point and have also been surrounded by residential areas. In these circumstances, establishment of a new industrial estate in the federal capital area has become imperative. 
 

He said many rounds of meetings between representatives of CDA, Finance Ministry and ICCI were held on this matter and CDA had earmarked I-17 Sector for establishment of new industrial estate. Deputy Commissioner ICT had issued notification to this effect while CDA had made payment of an amount of approximately Rs.7-billion for acquiring land, but still no tangible progress has been made on this important project. He appealed to the Prime Minister of Pakistan Mian Nawaz Sharif to intervene and issue orders for revival and early execution of Industrial Estate project in I-17 Sector. 
 

Khalid Chaudhry said the I-17 Industrial Estate envisaged latest facilities including hospitals, schools, labor colonies etc. It was also considered to set up a company on the pattern of Sunder Industrial Estate to set up industrial park in Islamabad and ICCI was an important stakeholder in this venture. He said industrial park in the federal capital would yield beneficial results as it would create new employment, promote investment & industrialization, generate more tax revenue as well as strengthen the local economy.
 

ICCI Acting President said CDA should consider allowing change of trade in I-9 and I-10/3 industrial estates along with granting permission for multi-storey structures on industrial plots. These initiatives would promote business activities and generate sufficient revenue for the civic body as well.
 

He said after the completion of Pak-China Economic Corridor from Kashgar to Gawadar, new industrial estate in this region will assume additional significance to attract Chinese investment and promote industrial exports.