Pakistan textile City to be relaunched

Pakistan textile City to be relaunched
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KARACAHI: (APP) The Sindh government has decided to relaunch Pakistan Textile City at Port Qasim from its resources in case the federal government decides to wind up the project.

This decision was taken by Sindh Chief Minister Syed Murad Ali Shah while presiding over a meeting here at the CM House on Monday, according to a press release.

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The meeting was attended by Minister Industries Manzoor Wassan, Chief Secretary Siddique Memon, Secretary Industries Rahim Soomro, Principal Secretary Naveed Kamran Baloch and others.

Briefing the meeting, the Minister Industries said that Pakistan Textile City Ltd (PTCL) was a public-private joint venture company. It was initiated in 2004 but the actual development work was started in 2007 with initial equity of Rs 1.1 billion.

Wassan said that the Sindh government contributed Rs 127 million to KWSB for dedicated water pipelines as its commitment to share 50 percent of cost with federal government which contributed Rs 199 million.

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Wassan said the objective of the project was to boost export potential of value added textile products and it would create around 80,000 direct jobs and another 80,000 indirect jobs.

Talking about the shares in the company the Industries Minister said that Sindh government owned its 16 percent shares.

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He added that PQA issued allotment letter of land on August 27, 2006 on 50 years lease at the cost of Rs 1 million.

Secretary Industries Rahim Soomro said the company availed a loan of Rs 2.4 billion.

The chief minister said that the Sindh government was ready to relaunch the project from its own resources. This was the most important project which had vast potential to for employments and value addition, he added.

He directed the Minister Industries to coordinate with the PTCL members and make necessary working to start the project.

 

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