KARACHI: Minister for Industries and Production Khusro Bakhtiar said the government is working on establishing a new industrial park in Karachi on 1500 acres of land.
Addressing media briefing along with Sindh Governor Imran Ismail on Friday, he said seven billion rupees have been allocated for new industrial park project.
Khusro Bakhtiar said the government intends to privatise the Pakistan Steel Mills to revive its full potential.
He said this step is necessary to fulfil the growing need of steel in the country, which is 10 million metric ton at the moment and is projected to grow to up to 20 million metric ton by the year 2024-25.
Federal Minister Makhdoom Khusro Bakhtyar Thursday said”Karachi is the country’s largest industrial city where availability of industrial land has been a problem.”
The Ministry of Industries and Production has allotted 1500 acres of land for Special Economic Zone, the minister said during his visit to National Industrial Park.
He said Special Economic Zone would provide one window operation to domestic and foreign investors.
Khusro Bakhtyar said Karachi Industrial Park will be established at a cost of Rs. 7 billion which will help boost the country’s industrial production and exports.
The Management of Pakistan Industrial Development Corporation on the occasion briefed the federal minister about Special Economic Zones.
Khusro Bakhtyar was told that 278.5 acres of land has been allotted for National Industrial Park. A total of 22 domestic and foreign companies have invested in National Industrial Park.
Later, Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar also visited Pakistan Steel Mill.
Minister said the government is going to privatise PSM in order to make it more profitable and to meet steel requirements of the country amid growing construction industry.
Khusro Bakhtyar said the government will soon formulate a comprehensive steel policy to revamp steel industry in the country.
Copyright Business Recorder, 2021