PCOI invests 700m in Grid Malta IT Park, university -Pakistan Press Foundation (PPF)

Paksitan Press Foundtion

PCOI invests 700m in Grid Malta IT Park, university

KARACHI:Feb.7:The Provincial Comntittee on Investment (PCOI) has made an investment of $ 700 million for establishment of Grid Malta IT Park and a university on Super Highway for which four acres land worth Rs 15 million has already been purchased.

Besides, an additional fund amounting to Rs 40 million has also been earmarked to accomplish the projects. Chief Operating Officer, PCOI, M Muslim Abbasi stated this while giving presentation on the annual perfommce of PCOI to Sindh Minister for Labour, Transport, Industries &Commerce Mohammed Adil Siddiqi on Friday.

He drew the minister’s attention towards the existing shortage of storage facilities of exportable fruits and vegetables and pointed out that adequate availability of these storage facilities was imperative to enhance the country’s exports and that the PCOL had invested Rs 60 million investment would start to pay back within three years’ time.

About performance of PCOI in the field of corporate farming he said that in cooperation with an American company steps were being taken to transform some 75,000 acres barren land into cultivable one.

He said that another foreign company (Australian) has shown keen interest in corporate farming on 50,000 acres land in the province and would initially invest $ 100 million in the first phase of the project. Besides, bringing worthy foreign investment in the country the project is also expected to create about 2000 employment opportunities in the province, he added.

Shanghai Fisheries General Corporation has also expressed interest in investing in fisheries sector to introduce modem technology and latest equipment for fish catching and their immediate storage, freezing etc. For this purpose the Chinese company has already established its office in Karachi and the latest equipment like fishing trawlers etc were being imported, he stated.

He said that a British organization, International Hospital Group (IHG), was interested in establishing a hospital of international standard having nursing home and medical university in Clifton area in which an investment of $60 to $100 million was expected, initially.

The planned 300-bed hospital would provide employment opportunities to 500 people while in future, as an international franchise, its activities could have affiliation with countries in Middle East and South Asia, he opined.

He informed the minister that on the directives of PCOI, Akhtar Textile Mills would invest 6 milion dollars for upgrading its plant and machinery on modem lines while Mehran Marbles in collaboration with an Italian company was interested in investing in the field of mining. PCOI had also planned to organize an international trade fair in September this year in Karachi for which preliminary arrangements have been completed, he said.

He also discussed the prospects of the proposed textile city at Port Qasim and highlighted PCOI’E role in the annual investment conference organized every year by Board of Investment.The Minister expressed satisfaction over PCOI performance and called for expeditious completion of development schemes.

Source: Business Recorder
Date:2/7/2004