Bank Branches and Industrial Facilities Being Established in Punjab’s Industrial Estates: Chaudhry Shafay Hussain

By Farzana Chaudhry – Lahore, Pakistan

LAHORE: Provincial Minister for Industries and Commerce, Chaudhry Shafay Hussain, said that Punjab’s industrialization drive has been accelerated under an effective strategy, with both domestic and foreign investors rapidly establishing units in the province. He made the remarks during a dialogue session with industrialists organized by the Punjab Industrial Estates Development and Management Company (PIEDMC).

Chairman PIEDMC Javed Iqbal briefed participants on the facilities available to investors in Punjab’s Special Economic Zones, while useful suggestions for promoting industrialization were also discussed.

Chaudhry Shafay Hussain highlighted that under FIEDMC, a community center is being built in industrial estates for foreign investors, and branches of various banks are being opened to provide convenience to industrialists. Additionally, a modern Expo Center is under construction in Faisalabad.

He further announced that in the Quaid-e-Azam Business Park Sheikhupura, new garment cities are under development, with Chinese technology and textile industries being transferred to the area. Local industrialists are also establishing textile units. The minister added that the third-largest mobile phone factory in the world, VIVO, will begin production in Faisalabad within six months, while construction of 10 new factories has already started in Sheikhupura. A Surgical City will also begin construction in Sialkot within the next three months.

Chaudhry Shafay Hussain announced a major program to improve industrial infrastructure across 23 small industrial estates in Punjab and noted that new estates are being established in response to industry needs. He added that the federal government is working to reduce the markup rate on loans to single digits to support industrial growth.

Industrialists raised concerns over taxation, high production costs, and other operational challenges. The dialogue session at Gymkhana Club Lahore was attended by FIEDMC CEO Captain (Retd) Shoaib Ali, COO Syed Mazum Ali, APTMA Punjab Chairman Kamran Ghazi, Lahore Chamber President Fahim Rehman Sehgal, Sialkot Chamber President Ihtesham Mazhar, Thermosol Chairman Syed Nabeel Hashmi, Anjum Nisar, and other prominent industrialists.