Karachi: Recently, the government of Sindh has approved two mega industrial as well as a business project for the city, Karachi. The megaprojects include the establishment of ‘Karachi Marble City’ along with a state-of-the-art technology park within the premises of NED University
This decision was taken during a meeting with the PPP (Public-Private Partnership) policy board that was presided by Syed Murad Ali Shah; Chief Minister (CM) of Sindh. During the meeting, it is decided that these projects will be running under the public-private mode only. These projects are directed to be completed as soon as possible to the Sindh Investment Department.
As per the details, Karachi Marble City and Technology Park will get the status of “Special Economic Zone” as per the Special Economic Zones Act 2012. The investors for both of the projects can also avail the facility of the 10-year exemption from income tax as well as customs duty on the import of the machinery.
The emerging IT industry of Pakistan has earned nearly USD 1 billion foreign exchange in the last year and the number is increasing day by day. Sindh government is also planning to collaborate with NED University and build a 20-story state-of-the-art building named as “Technology Zone”.
All the professionals as well as the experts in IT (Information Technology) are going to set up their businesses in the tech zone and will be creating new employment opportunities for the talented as well as to deserving individuals.
It is expected that the building required for ‘Technology Zone’ might be proposed in 2021 and it might complete with a cost of PKR 12 billion. All the IT companies that will come in this Technology Park will be able to acquire the offices on 30% less rent with complete logistic support.
The Karachi Marble City project will consist of 300 acres of land near the Northern Bypass. During the meeting, it was decided that the Karachi Marble City will be encouraging the investors working in the marble industry. Using their expertise and modern technologies, value-added marble such as granite and other stones can be used.
It is also decided that 200 acres of the additional land that is adjacent to Karachi Marble City is going to be reserved for the industrial development that is related to the construction sector.