Jica provides Rs 784 millions to set up 'Business Park' at KFH

Japan International Cooperation Agency (Jica) has provided Rs 784 million for establishment of "Business Park" at Korangi Fish Harbour (KFH).

According to official documents available with Business Recorder, Jica has financed the total amount of the project which is Rs 784 million and it would be completed in three years.

The development of Business Park will accommodate industrial units, offices and other associated infrastructure and services centred around one primary product or activity in the harbour.

The development scheme of a business park provides all the services and support infrastructure that will ensure an environment conducive to the type of commercial and industrial activities that are expected to take place.

The Business Park will be established on the 320 acres of land available within boundary of harbour and will enhance harbour facilities which are spread over a developed area of about 50 acres where all land for the establishment of fish processing and allied facilities has already been leased out.

This project is in line with government directives for improvement of existing facilities to bring fish handling practices at par with European Union (EU) hygiene standards.

Official document indicated that it is imperative to build the new facilities at Korangi Fish Harbour. Besides, to make the harbour fully optional as per international standards and to improve revenue generation certain new development and modification works essentially required.

This is in line with government directives for improvement of existing facilities to bring fish handling practices at par with EU hygiene standards, documents suggested.

Documents stated that the project had been designed keeping in view to enhance foreign exchange earnings by exporting quality fish to fetch better prices in international markets.

To meet the international trading obligations placed by World Trade Organisation (WTO), it is imperative to build the new facilities at Korangi Fish Harbour.

As per PC-1, basis of cost estimates is given as "Estimate of Rs 560 million prepared in January 2014 by Nespak; however cost increased after adding 40 percent according to the current dollar value.

Documents stated that the land of 320 acres is available, however, it needs to be protected and reclaimed, since the area is under high tides zone.