Sindh’s KorangiCreekIndustrial Park and BinQasimIndustrial Park given SEZ status
Under the leadership of Sindh Chief Minister Syed Qaim Ali Shah, the Sindh government has been able to get the Special Economic Zone (SEZ) status for two more industrial zones in the province.
The zones, namely KorangiCreekIndustrial Park and BinQasimIndustrial Park, got approval during second meeting of committee of Board of Investment under SEZ Act 2012.
The meeting chaired by Board of Investment Chairman Dr Mifta Ismail unanimously approved both the applications which were submitted by the government on July 2, said a statement on Wednesday.
Being the chairman of SEZ authority, Shah, who is also Sindh chief minister had earlier approved the above two Industrial Zones to be recommended to board of approvals, Islamabad for the award of SEZ Status which will guarantee the benefits that are offered under the SEZ ACT 2012.
The main fiscal benefits under the act of 2012 ensure a corporate tax holiday of ten years for investors and developers as well as duty free import of capital goods and machinery.
The KorangiCreekIndustrial Park is being developed on 240 acres of land that is located in sector 38 of Korangi Industrial Area, Karachi.
The estimated cost of the project is Rs 3.8 billion. The project is visualized to bring Rs 20 billion direct investment and contribute Rs 40 billion to GDP and generate direct employment for 30,000 individuals. The park is divided into two zones: a low density zone for industries and a high density zone for commercial sectors.
The low density zone will include industrial units of food and pharmaceuticals, garments and textiles, light engineering, packaging and printing, warehousing and logistics.
The high density zone will exclusively promote information technology, gems and jewellery and other ancillary and allied sectors.
The Bin Qasim Industrial Park (BQIP) is spread over an area of 930 acres near Port Qasim, adjacent to Arabian Sea Country Club, BinQasimTown, Karachi.
The estimated cost is Rs 9.8 billion. The project is envisioned to fetch Rs 50 billion direct investment, contribute Rs 100 billion to GDP and generate direct employment for 50,000 individuals.
The project has been designed to cater to the needs of medium and large-scale entrepreneurs aspiring to invest especially in the engineering sector and the steel industry of Pakistan.
The proposed industrial clusters under the zone include engineering and equipment, chemicals and food, logistics and consumer goods.
The engineering and equipment cluster includes auto vendors, foundries and steel fabricating units; the chemicals and food cluster consists of pharmaceuticals, food and beverages and chemicals, while consumer goods include plastics, electrics and consumer electronics.
The meeting was also attended by SBI Director General Muhammad Riazuddin, Board of Investment DG Dr Raania Ahsan, SBI Director Projects Abdul Azeem Uqaili and other stakeholders from all provinces.