Diamond Bar Island City (DBIC), to be constructed in the vicinity of Port Qasim, is likely to attract $43 billion foreign direct investment (FDI). This was stated on Saturday by Port Qasim Authority (PQA) Chairman Rear Admiral Syed Afzal in a joint media briefing with Federal Minister for Ports and Shipping Dr Fahimuddin Ansari.
"The project would be completed in 15 years and would give a fascinating boost to the national economy by creating employment opportunities, etc", he said. About projects undertaken by PQA, the federal minister said that the e Authority, with 75,000 hectares area, was fast on its way to a bright future.
He said: "By 2010, Gwadar port is likely to be operational in full swing as an infrastructure network from Karachi to Kashghar and Almaty is being established."
The PQA chairman said that for port capacity enhancement, ten private sector projects were under implementation. By 2010, the PQA's cargo handling capacity would be go up to 86 million tons, showing an increase of 161 percent, while number of berths would be increased from 10 to 20.
He said that the Authority was trying to deepen the navigation channel to meet future requirements of the emerging terminals and to attract major shipping lines to the port. The Minister also witnessed loading/discharging operation at berths and stressed the need for uninterrupted and efficient flow of cargo in and out of the port.
He was also informed that besides reducing 'free period' from 7 to 5 days the PQA had also reduced the container dwell time from 12 to 6 days under National Trade Corridor Improvement Plan. This had greatly helped in efficient flow of cargo out of the port, he was told.
The Minister also had an overview of PQA's industrial areas and was briefed on provision of infrastructure facilities for early development of these areas. He was also informed that currently 99 various industrial and commercial projects were operative at the port, while 157 others were in the planning phase.