Punjab Chief Minister Chaudhry Pervaiz Elahi stated this while addressing the ground-breaking ceremony of SIE here on Monday.
He averred that the country's first-ever hi-tech industrial estate would meet the international standards, which would extend all those facilities available in developed countries' industrial estates.
"The Punjab government has provided Rs 1 billion to the Punjab Industrial Estates Development and Management Company (PIEDMC) for the establishment of SIE. It has also allocated funds for the revival of the Kot Lakhpat Industrial Estate, Lahore, and the Multan Industrial Estate (MIE)", he added.
Pervaiz Elahi said the provincial government would establish the Faisalabad Industrial Estate (FIE), spread over 3,400 acres of land near Faisalabad Motorway junction for which it was acquiring the land and Rs 1.5 billion has been set aside for the project. Moreover, the government has earned Rs 100 million after selling industrial plots in MIE and the estate would soon be revived completely, he said.
He said the Bank of Punjab (BoP) would provide loans to the industrialists for the purchase of plots in SIE and other industrial estates, whereas other commercial banks were also being approached for the provision of loans to the industrialist, adding that industrialists of SIE would be facilitated under one-window operation and no delay in this regard would be tolerated.
Speaking on the occasion, PIEDMC Chairman Mohsin Syed said that between 300 and 400 factories were expected to operate at SIE, which would generate around 60,000 direct and 6,000 indirect employment opportunities. He also said that PIEDMC has established an institution to impart technical and computer training to local youth so that they could secure jobs in future. In order to meet WTO environmental requirements, industrial waste to be generated at SIE would be treated according to the international standards, he added.
Mohsin Syed said that industrialists interested in buying plots in SIE had been informed that they would be bound to start construction of their factories within six months after the purchase of the land, otherwise their plots would be cancelled with five percent penalty.
The SIE would be fully operational in next 18 months, which would have its own power plant, reinforced roads and other facilities being provided in any other international industrial estate, he added.