LAHORE, Sep 30 (APP):The Chinese ceramics industry has started construction of a unit with an investment of $70 million over 37 acres of land at Bhalwal Industrial Estate, being managed by Punjab Industrial Estates Management and Development Company (PIEDMC).
PIEDMC Chairman Nabeel Hashmi told the media here on Monday that the ceramics unit was expected to become operational by March 2020. He claimed that the Punjab Industrial Estate had fetched its first direct foreign investment during the second year of Pakistan Tehreek-e-Insaf (PTI) government, which was very encouraging.
He said more foreign direct investments was expected in near future, as the company had already been providing facilities to investors on a large scale. The Punjab Industrial Estate, under one window service centre, was providing all services to investors and industrialists within stipulated time period, he added.
At present, he said, Pakistan imported ceramics from different countries and country’s ceramic import volume would decrease once the Chinese ceramic industry started production. This would also help in employment generation in the area, he hoped.
He mentioned that Bhalwal Industrial Estate had recently been given the status of Special Economic Zone (SEZ) by the federal government.