SBI committed to facilitate industrial investment

KARACHI: Sindh Board of Investment (SBI) is committed to facilitate industrial investment in the province of Sindh which has the best infrastructure for setting up industries.

Chairperson, SBI, Naheed Memon said this while addressing ribbon-cutting ceremony of Aisha Steel Mills (ASM) expansion plans at its site here on Saturday.

The ceremony was held to mark the Start of Construction of the company's expansion plans to achieve its capacity to a total of 700,000 tons per annum from its current production of 220,000 tons.

Naheed Memon, said initiation of expansion of ASM reflects the confidence investors have in Sindh and Pakistan, strengthening our resolve to continue on this path of progress.

"We are seeing expansion and new projects in almost all areas of manufacturing in Sindh", she added.

Dr. Munir, CEO, ASM, speaking at the ceremony said, "our product mix, subsequent to the completion of expansion, will include 450,000 tons of Cold Rolled Coils (CRC) and 250,000 tons Galvanized Coils".

He said that the project is progressing on schedule and we are targeting phase wise production to commence from the second quarter of the next financial year.

He said on completion of expansion, ASM is expected to contribute over Rs 10 billion to the revenues of the Government and save precious foreign exchange in excess of $500 million every year besides generating jobs by providing employment to approximately 1000 people.