CM Sindh keen to start textile project at PQ


Karacahi—The Sindh government has decided to launch Pakistan Textile City at Port Qasim from its resources in case the federal government decides to wind up the project. The decision was taken by Sindh Chief Minister Syed Murad Ali Shah while presiding over a meeting here onMonday. Briefing the Chief Minister, the Minister for Industries Manzoor Wassan said that Pakistan Textile City Ltd (PTCL) is a public-private joint venture company. It was initiated in 2004 but the actual development work was started in 2007 with initial equity of Rs1.1 billion.
Wassan said that the Sindh government contributed Rs127 to KWSB for dedicated water pipelines as its commitment to share 50 percent of cost with federal government which contributed only Rs199 million. He said that 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 owns 16 percent shares. He added that PQA issued allotment letter on August 27, 2006 on 50 years lease at the cost of Rs1 million percent. Secretary Industries Rahim Soomro said the company availed a loan of Rs2.4 billion which was subsequently.—Agencies