British investors want to set up hi-tech business units in Faisalabad

The “Manchester of Pakistan” is all set to become the subject of foreign investment very soon. According to UK Representative to Punjab Alex Ballinger, British investors intend to establish high-tech business units in Faisalabad’s M3 Industrial City.

As reported by Express Tribune, Mr. Ballinger expressed this intention during a meeting with Faisalabad Chamber of Commerce and Industry (FCCI) former executive member Haji Muhammad Idrees on Friday. He said that Pakistan and the UK enjoy close working relations and that the focus is now on Faisalabad.

While appreciating the establishment of M3 Industrial City and Allama Iqbal Industrial City, the envoy explained that the two are among the most suitable places for the purpose of establishing more industrial units.

He was of the view that joint ventures between the two nations would not only enhance the production of exportable surplus but would also create job opportunities for the unemployed youth.

The envoy emphasized that the UK’s exit from the European Union would not affect its imports from Pakistan as Islamabad would continue to enjoy the same privileges and perks.

During the meeting, National Group official Javed Iqbal urged domestic and foreign investors to take benefit of the industrial estates.

As Pakistan’s largest industrial estate, the M3 Industrial City has been attracting significant investment in recent times, including Chinese smartphone giant Vivo’s $10 million for the establishment of a smartphone production base.