Ahmed Khan Malik

The government will soon develop an economic zone at Port Qasim to attract foreign investment for industrial growth, reports WealthPK. The economic zone, which is part of an agreement signed between Pakistan and Dubai, aims to attract foreign direct investment (FDI). DP World, on behalf of the Government of Dubai, will carry out the development work in order to maximize the economic activity, official documents suggest. Port Qasim started its operations in 1980. Presently, the port has 18 berths (15 in private sector) with annual handling capacity of 89 million tons. All commodities ranging from minerals oils, edible oil, coal, rice, wheat, cement to fertilizers, general cargo, containers and LNG are being handled at the port’s state-of-the-art terminals. It is the energy hub and the only LNG port of Pakistan. Recently, Federal Minister for Maritime Affairs Qaiser Ahmed Shaikh said developing a world-class industrial zone will attract international investment and benefit the country. “Under this project, we have to develop land for industrial areas and invite internationally recognized companies for a world-class industrial zone,” Mansoor Siddiqui, Joint Director at the Port Qasim Industrial Wing, told WealthPK.

He said Port Qasim was a thriving business center of the country and a new economic zone would add further to the economic activities. He hoped that the work on the project would start soon. Meanwhile, industrialists in Karachi said the government’s plan to develop an economic zone would pave the way for economic development as well as job creation for skilled and unskilled workforce in the country. Dilawar Hussain, a business leader of F.B. Area Association of Trade and Industry, Karachi, welcomed the plan, emphasizing that the Association had consistently advocated for promotion of industrialization, underscoring its pivotal role in stabilizing Pakistan's economy. He told WealthPK that the zone will streamline the investment and industrial activities for the benefit of the country and its people. However, he said that apart from developing the economic zone, the government should address the infrastructure, sewage, water, and other challenges faced by the existing industrial zones in Karachi. Dilawar emphasized that resolving these issues was crucial for the successful establishment of new industries and overall promotion of industrialization. He said rampant problems had adversely hampered the industrial activities.

Credit: INP-WealthPk