300 new industrial units to be set up in 15 months

[Lahore_Real_Estate]

Staff Report

LAHORE: About 300 new industrial units are expected to be set up in Sundar Industrial Estate (SIE) in next 15 months, as 100 industrial units including some big multinationals are already in operation, said Chairman Pakistan Industrial Estate (PIE) SM Tanveer during a briefing at PIE headquarters here on Wednesday.

He said this has been possible because of a colonisation drive launched by PIE management to facilitate genuine industrialists, while weeding out the speculators, land grabbers. PIE’s Chief Executive Officer Maj-Gen ® Tariq Javed was also present there.

The chairman said that plots at SIE have been allocated at lower rates of Rs 3.5 million per acre to set up an industry back in 2004. Despite a lapse of five to six years, a vast majority of these plots are yet to be industrialised, he said, adding that PIE had invested billions of rupees in the development of an ultra modern industrial infrastructure in the estate, which stood grossly underutilised. A decision was therefore taken by the Board of Directors to cancel inactive plots, which had failed to fulfill the 24-month construction deadline.

The ensuing cancellation process was fair, transparent and non-discriminatory, he added.

The chairman explained that objective of the establishment of the industrial estate was to create job opportunities and alleviate poverty. This could only be done by facilitating genuine industrialists, while cancelling the plots of the speculators at the same time. He took the opportunity to over 90 percent of allottees, who had cooperated with PIE and signed legal undertakings to complete construction in 15 months.

Tanveer explained a set of measures, which have resulted in better management, in addition to bringing transparency and efficiency in PIE’s functioning. Industrialists in various estates are being facilitated in every manner so as to encourage rapid industrialisation in the province. He said that negotiation were at advanced stage to establish a large Special Economic Zone with the help of Chinese group. Similarly, feasibility studies have been completed for new industrial estates in Kasur and Rahim Yar Khan Districts.

The chairman reiterated the management’s resolve to follow a transparent, non-discriminatory approach while pursing the objectives of colonisation aimed at poverty alleviation.