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Surplus land to be used for industries

KARACHI: The country’s spending on oil imports is too high and the government is trying to set up oil refineries and expand capacity of existing facilities in order to reduce reliance on imports.

Addressing Karachi Chamber of Commerce and Industry (KCCI) on Saturday, Omar Ahmad Ghumman, state minister for privatization and investment, said the projects for establishment of refineries were to be finalised.

He said the government had directed National Industrial Parks and Development and Manage-ment Company (NIP) to utilise excess land of PSM, given to it on free-hold basis at Rs 3 million per acre (developed land) and Rs 1.5 million per acre (undeveloped land) within 6 to 12 months otherwise it would be withdrawn and would be utilised for industrial purposes.

Mr Ghumman said if projects of Exports City, Daimlar Chryssler and expansion of oil refineries were finalised, they would bring in around $6 billion foreign investment, boosting the FDI by 130 percent. He said the Export City was a $3.5 billion project.

Regarding the PTCL deal, he said, it would be finalised in 10 to 15 days with the same party, as the government was trying to resolve the matter. He said this deal would be finalised at earlier settled price of $ 2.6 billion.

Haroon Farooki, president KCCI, suggested the minister to consider establishment of an industrial estate or export processing zone in the earthquake affected areas, which would become a continuous source of employment for the local people. He opposed the privatization of profit-making entities. staff report

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