KARACHI: Government of Sindh has approved two mega industrial and business projects for Karachi one is about establishment of an state-of-the-art technology park in NED University campus and the other is "Karachi Marble City".
The decision was taken in a meeting of public private partnership (PPP) policy board presided by the Chief Minister of Sindh Syed Murad Ali Shah, said a statement on Tuesday.
It was decided that both the projects will run under the public private partnership (PPP) mode.
The investment Department Government of Sindh has been directed to complete both the projects at the earliest.
Both the projects will have the status of special economic zone under the special economic zones Act 2012, thus investors of both of these projects can avail the facility of 10 years of exemption from income tax and custom duty on the import of machinery.
Fast emerging IT industry of Pakistan had earned one billion dollar foreign exchange last year and keeping in view this fact, the Government of Sindh in collaboration with NED University is planning to build a 20 storyed state-of-the-art building as technology zone.
Professionals and experts of Information technology will set up their businesses in the Technology zone, which will produce employment opportunities for the talented people.
The building of Technology zone is proposed to be completed by 2021 with at estimated cost of Rs 12 billions.
The IT companies in this technology park will hire offices on 30 per cent less rent with full logistics support.
The other project approved to run under PPP mode, is Karachi Marble City consisting on 300 acres of land near Northern bypass.
It was decided to encourage investors working in Marble industry so that by using modern methods they can produce value added Marble, granite and other stones.
It was also decided in the meeting that 200 acres more land adjacent to Karachi Marble City is to be reserved for industries related to construction sector and a feasibility study for this sector will be conducted prior to its development.
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