The establishment of a state of the art industrial estate on Pakistan Steel's downstream industrial estate will go a long way in economic development of Pakistan and especially of Karachi whose residents will be its major beneficiaries.
Minister for Industries, Production and Special Initiatives (MOIP&SI) Jahangir Khan Tareen stated this while speaking at the signing ceremony of an agreement between Pakistan Steel and NIPs (National Industrial Parks Development and Management Company). The agreement was signed by Chairman Pakistan Steel Muhammad Javed and chief executive officer NIPs.
Giving details of the agreement, the minister said that NIPs will develop an industrial estate on 930 acres of Pakistan Steel land while the land will continue to remain Pakistan Steel's property.
Master plan of the industrial estate will be completed within three months and the construction will start by December 2007. He further informed that ECC (Economic Co-ordination Committee) has already given approval to this joint venture between NIPs and Pakistan Steel.
Jahangir Tareen said this will be the second industrial estate to be set up in Karachi by NIPs and it will greatly contribute towards development of industrial sector in Pakistan.