| Karachi: The Caretaker Commerce Minister Gohar Ejaz has recently revealed a series of initiatives aimed at invigorating industrial activities in Karachi, as reported by a news source on December 29.
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According to the details, addressing the business community in Karachi during a meeting at the Governor House, Minister Gohar disclosed plans for establishing a Garment City in Karachi and converting a significant area of Pakistan Steel Mills (PSM) into a specialised zone for industrial development.
During the meeting, Minister Ejaz highlighted the proposed modern infrastructure for the 300-acre Karachi Garment City (KGC), which includes a plug-and-play environment unit and water recycling and treatment plants. The Board of Directors of KGC has approved a plan to transform 300 acres into export processing zones, offering land on a lease basis. The fate of PSM, previously under consideration for sale since 2019, will be decided on Friday.
Following the transfer of PSM to the Industries and Production Ministry in November, a delegation led by Minister Ejaz is set to meet with Sindh Caretaker Chief Minister (CM) Maqbool Baqar to finalise the decision on establishing a special economic zone (SEZ) or export processing zone (EPZ) on PSM territory. The meeting, scheduled to include federal secretaries of commerce, industry, and the board of investment, will determine the details of the plan.
In October, the federal cabinet was informed that upgrading PSM would require USD 1.4 billion, with the source of funds yet to be clarified. The PSM plant, currently operating at a capacity of 1.1 million tonnes per annum (mmtpa), holds the potential for additional growth to 3 mmtpa |
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