Karachi has turned into a profitable marketplace for foreign investors as it has attracted $1.2 billion foreign direct investment, out of $3.5 billion, during the current fiscal year. This was stated by the City Nazim Mustafa Kamal at the third annual dinner of Karachi Iron and Steel Merchant Association (Kisma).
He said that the prime focus of the present City District Government of Karachi (CDGK) is on development of the city's civic infrastructure to attract foreign investment, and added that billions of dollars investment was taking place in the city due to its basic infrastructure being developed in a speedy manner.
The Nazim said that there are the foreign companies in the city and through their investments several projects have been initiated and on these projects, CDGK has not spent a single penny.
Development work of elevated expressway at a cost of $350 million would be visible on the ground during next month and would be completed in the next three months, he added. He said that the city government was aware of the difficulties faced by steel items dealers, which would be resolved on priority basis as CDGK has allocated 600 acres land for development projects in the master plan.
He said 100 acres land on Northern Bypass and 500 acres on National Highway have been allocated out of 600 land for steel zone. CDGK has also chalked out a plan to develop four industrial zones including North Karachi, Landhi, Korangi and Federal B Area industrial zones at a cost of Rs 4.5 billion, he added.
Development work in these industrial zones would be completed in the next one year to enable the exporters to invite their foreign customers to visit their factories, which at present is not possible in the face of poor civic infrastructure, he said.
"We are spending Rs 16-18 billion on the development work of water and sewerage, which had been ignored during last 59 years," Kamal said. Majyed Aziz, President of Karachi Chamber of Commerce and Industry (KCCI), said that KCCI is organising a three-day exhibition from June 1 to 3 this year. Participants from more than 15 countries are going to attend the exhibition to exhibit products with a view to promote the bilateral trade, he said.
Shamoon Baqir Ali, senior vice president of Kisma, thanked City Nazim for allocation of the 600 acres land for establishment of steel zone, and said that the proposed project would help in boosting steel business in the city.
He said that old steel markets are congested due to which traders and customers are facing serious problems, which have become necessary to be shifted out of the metropolis. Siraj Kasim Teli, leader of businessmen group, Ghulam Muhammad, Muhammad Ahmed, general secretary, Kisma, and other also spoke.