Textile City to be launched on April 4

Finally some positive news:

“KARACHI, March 28: The Rs2.2 billion Textile City project will be launched for domestic and foreign investors in a big way at the Textile Asia fair, scheduled to be held from April 4 to 7 at the Karachi Expo Centre.

The Sindh government has released its share of Rs100 million for a public-private partnership textile city company, whose paid-up capital has recently been enhanced from Rs1.1 billion to Rs2.2 billion, with Rs500 million to be contributed by the federal government, of which Rs250 million had already been paid.

Investors from China, Turkey and Korea have shown keen interest to set up joint ventures with Pakistani textile manufacturers in the city.

Sources at the textile city being developed near Port Qasim on 1,250 acres said leveling of land and construction of roads are nearing completion, which would be followed by work on laying a water pipeline to supply 20 million MGD to the textile city, which would mostly have wet textile industries.

Of the total area, 770 acres would be reserved for industrial plots of different sizes for which applications would be invited in July-August this year.

New investors would be preferred, along with those big textile manufacturers, who would like to relocate their units. The plots will range from 0.5 acre to five acres depending upon the size of the units.

The textile city would have separate zones for weaving, bed-linen, denim, towel, hosiery and garments, etc. Dry textile units, like ginning and spinning, would not be allowed in the zone.

Apart from textile units, the city would be equipped with a modern effluent treatment plant, one-window operation, green belts for an environment-friendly atmosphere, modern workers residences near vicinity, education health and recreation facilities. The Sindh government committed to allot 500 acres for workers houses.

The Pakistan Textile City Limited is a public private limited company incorporated on May 2004 under the Companies’ Ordinance 1984.

Of the stakeholders of the company, Pakistan government has 45.5 per cent share, Sindh government 9.09 per cent, and NBP 4.55, Pak Oman Investment Company, Saudi-Pak Industrial Agricultural Company, Pak-Libya Holding Company, Picic and EPZ each having 4.5 per cent shares and PIDC with 9.09 per cent shares.

The power requirement for the textile city has been estimated at 250MWs, power plant (IPP) with import/export agreement with KESC which would be arranged through setting up an independent unit.

The other facilities, to be provided at the city, will be a textile processing lab, technical training centre, computerised weight station, bank square, trauma centre, business support services, fire station, public transport and private security.

The objectives of the textile city are to provide the textile sector a state-of-the-art infrastructure to enhance productivity, quality, cost-effectiveness and compliance in the post-WTO era.

It is aimed at developing and operating a world class industrial zone dedicated to textile processing industry and to project Pakistan as a textile hub synonymous with excellence. “

Source: Daily Dawn

How true it will turn out to be, only time will tell. Be hopeful!