Atif Ikram Sheikh, Chairman of the Capital Area of Pakistan Business Forum (PBF), has urged the federal government to formally announce the establishment of a new industrial zone in Islamabad to bolster the industrial sector and attract investment. Speaking at a meeting with members of the Islamabad Industrial Association on Saturday, Atif Ikram, who also serves as the President of FPCCI, highlighted the rapid expansion of Islamabad over the past 15 years. He emphasized that the existing industrial areas, particularly sectors I-9 and I-10, have reached their capacity, leaving no room for the establishment of new industrial units.
Ikram underscored the crucial role of industrial estates in fostering prosperity and reducing poverty by creating numerous job opportunities. He urged the government to prioritize this issue, noting that heavy taxation imposed by the Capital Development Authority (CDA) and Metropolitan Corporation Islamabad (MCI) has exacerbated the challenges faced by local industrialists.
According to Ikram, the creation of a new industrial zone would not only bolster the industrial base but also yield various economic benefits, including job creation, increased tax revenue, and enhanced exports. He mentioned previous efforts to earmark Sector I-17 for industrial use, which were later altered by the CDA.
While the government has identified a private land near Rawat Industrial Estate as a potential site for the new industrial zone, other options are also being considered. Ikram highlighted the willingness of numerous investors to establish industries in Islamabad, emphasizing the city’s strategic importance as a gateway to northern areas and a key link to China.
He further urged the government to reconsider its policy rate, citing the disproportionately high interest rates in Pakistan compared to other Asian countries. Ikram emphasized that the current high interest rates have rendered Pakistani industries uncompetitive in the domestic market, resulting in a decline in exports. He advocated for a single-digit interest rate to support export-led economic growth and revive the economy.
