New zone set to transform Karachi's industrial landscapeBreaking

February 23, 2024

The federal government will establish an industrial zone in Karachi spanning over 10,000 acres to promote industrialization for sustained economic growth, reports WealthPK. The business community has hailed the federal government's decision to establish the industrial zone in the port city. As per the federal government's announcement, the project aims to increase exports to $100 billion in the next five years and will create three million jobs in Karachi alone. Vice President Korangi Association of Trade and Industry (KATI) Nighat Awan appreciated the move, emphasizing that they had consistently advocated for the promotion of industrialization, underscoring its pivotal role in stabilizing Pakistan's economy. Nighat stressed the need for urgent attention to address infrastructure, sewage, water, and other challenges faced by the existing industrial zones in Karachi, particularly the largest one Korangi Industrial Zone.

She emphasized that resolving those issues was crucial for successful establishment of new industries and overall promotion of industrialization. Highlighting the positive impact of industrialization, Nighat emphasized that it not only increased exports but also generated higher tax revenue, effectively addressing the unemployment issue in the country. She pledged KATI's full support to the federal commerce minister's ambitious goal to increase exports to $100 billion. Reflecting on the past experiences, the KATI vice president acknowledged the historical decisions made by Federal Minister Dr. Gohar Ijaz and SM Tanveer, Patron-in-Chief of UBG and KATI. The decisions involved the business community's active participation in policy-making. This inclusive approach, she noted, had yielded positive results for the economy, pulling Pakistan out of severe financial crises.

Awan underscored the importance of the stakeholders' involvement in shaping economic development policies. Expecting hope for the continuity of the current positive government policies, Nighat envisioned a stabilized national economy with reduced dependence on foreign aid. KATI remains optimistic about the potential economic benefits that will arise from the establishment of the new industrial zone, she added. Kamran Arbi, President of the SITE Association of Industry, also hailed the decision, saying this zone would help the city prosper economically and create job opportunities for the city residents. The industrial zone would be established as per the international standards. According to the plan, foreign and local investors would be invited to establish industries in the zone and the Chinese industries would be relocated there.

Credit: Independent News Pakistan (INP)