Planning Minister Ahsan Iqbal chaired a meeting with officers from the Ministry of Industries and Production, Board of Investment and Pakistan Industrial Development Corporation to review the progress of the high-priority Karachi Industrial Park project. The CEO of Pakistan Industrial Development Corporation (PIDC) briefed the Minister on the project's status, highlighting that the original master plan envisioned a phased development approach. The revised PC1 covers development of Block A which is 550 acres long.
Mr. Rizwan Bhatti, CEO PIDC briefed the Minister that the master plan features industry clustering and was administratively approved on April 21. The project is slated for completion within 15 months. The total project cost is estimated at Rs. 7.404 billion, to be financed over six quarters. The Dr. Erfa Iqbal, Additional Secretary of the Board of Investment mentioned that the project's provisional concept paper would be approved in the next board meeting.
The Karachi Industrial Park will provide a plug and play environment to investors at minimal land costs, facilitated through a bankable lease or rental model. While discussing plot allotment, the Minister directed PIDC to establish standards for plot allocation to big and small industries, emphasizing the need for a detailed plan. The Minister stressed on the importance of the Industrial Park, calling it a one-stop facility committed to enhancing investor experience by providing utilities like water, electricity, telecommunication, as well as transportation networks and waste management systems. “The centralized approach of Karachi Industrial Park will facilitate coordination with all relevant government agencies, reducing bureaucratic hurdles”, remarked the Minister.
The Federal Minister highlighted the importance of industrial parks in developed countries, stating that these parks should offer community life and facilities, combining "life, leisure, and work." The Federal Minister also advised stakeholders to draw inspiration from Singapore and Vietnam's industrial parks, which cater to all needs. The Arabian Sea Country Club, located adjacent to the right side of the Park, will be revived by PIDC and would serve as a prime entertainment facility, offering recreational facilities.
Furthermore, the Minister directed Industries section of Planning Ministry to evaluate the updated PC1 in the light of revised project scope and instructed stakeholders to prepare for groundbreaking ceremony scheduled for September 4.
