The government of Sindh has given approval to the 2 mega industrial and business projects for Karachi. These include the establishment of Karachi Marble City as well as the state-of-the-art technology park in the NED University.
The decision was taken in a meeting of the public-private partnership—PPP policy board headed by the Chief Minister of Sindh—Syed Murad Ali Shah, as per a statement issued on Tuesday.
The decision was taken that both the projects would operate under the public-private model. The Sindh Investment Department was instructed to complete the projects at the earliest.
As per the details, both the projects would have the special economic zone status as per the Special Economic Zones Act 2012, the investors of both these projects could make use of the facility of a 10-year exemption from the income tax and customs duty on the machinery import.
The fast-emerging IT Industry of Pakistan had earned $1billion foreign exchange last year and for keeping in view this fact, the government of Sindh in collaboration with the NED University was making the plans of constructing a 20-storeyed state-of-the-art building as a technology zone.
The experts and the professionals of the information technology would be forming their stones in the technology zone, which would provide employment opportunities for the talented and the deserving.
The building of the technology zone was suggested to be completed by 2021 with an approximated cost of Rs.12billion. The IT firms in this technology park would be able to attain offices on 30percent rent and with full logistical support.
The other project Karachi Marble City consists of 300 acres of land near the northern bypass.
It was also decided in the meeting that 200 acres of extra land adjacent to the Karachi Marble City was to be reserved for the industries related to the construction sector and a feasibility study for this sector would be done earlier to its development.