Islamabad: Rawalpindi Development Authority (RDA) and The Islamabad Chamber of Commerce and Industry (ICCI) have signed a Memorandum of Understanding (MoU) to establish a framework of cooperation between the two organizations.
Under this MoU, both the organizations will carry out joint efforts for the development of an industrial estate alongside the Rawalpindi Ring Road (R3) project on Public Private Partnership (PPP) model, to be known as the “ICCI-Islamabad Industrial Estate.”
ICCI president Sardar Yasir Ilyas Khan and RDA Chairman Raja Tariq Mehmood signed the MoU at a ceremony held on December 28th. Deputy Director Finance RDA Muhammad Junaid Taj Bhatti, Senior Vice President Fatma Azim, Vice President ICCI Abdul Rehman Khan, Convener ICCI Committee on New Islamabad Industrial Estate Khalid Javed, Chairman Founder Group Mian Akram Farid and others were present in the ceremony.
ICCI President Sardar Yasir Ilyas Khan said that Pakistan’s prosperity and progress is linked with industrialization and hoped that this agreement between ICCI and RDA would be instrumental in establishing a new industrial estate that will boost investment and start a new era of rapid industrial growth in the region. He also insisted that the government should extend the construction package for another year to attract maximum investment.
He further advised the government to establish a real estate regulatory authority to regulate the activities in the real estate and construction sector and promote regulated organizations in this field.
Speaking on the occasion, RDA Chairman Raja Tariq Mehmood said that his organization would put in maximum efforts for the development of ICCI Industrial Estate as this project is in the best national interest and would be beneficial in attracting local as well as foreign investments to the region. He further said that the ICCI-Islamabad Industrial Estate would create many new jobs and contribute to tax revenue of the country, hence, its early development would back the efforts for stabilizing Pakistan’s economy.
As per the MoU, ICCI will be responsible for arranging the preparation of technical and financial feasibility for the project and submit those to Rawalpindi Development Authority (RDA) for evaluation and approval. ICCI will also help in getting partial funding for land acquisition for industrial estate, whereas RDA will acquire the required land from the landowners and allot industrial plots to the investors who will be providing funding for the acquisition of land.
Furthermore, ICCI in consultation with RDA will help finalize SOPs and modalities for sale and purchase of plots in the industrial estate. RDA will acquire land for the Industrial Estate and will get notified of the land acquired from the Government of Punjab. RDA will also negotiate with the Punjab Board of Investment to get approval for the ICCI Industrial Estate under Special Economic Zone (SEZ) model and will be responsible for creating its master plan in consultation with ICCI which, after finalization, will be proposed to the potential investors.