Federal Minister for Finance, Economic Affairs and Revenue, Asad Umar has promised quick resolution of various issues and problems that have hampered development of industries in Korangi Creek Industrial Park (KCIP).
During a visit to KCIP recently, he assured KCIP members regarding reconstitution of board of National Industrial Park (NIP). He said the government wants to promote industrialization and the main purpose of mini budget is to remove obstacle and improve ease of doing business.
He took a round of KCIP and reviewed the progress and pending issues. Chairman KCIP Standing committee Shahid Ghoury highlighted the prevailing issues of power, non execution of sublease and excessive charges being imposed by Cantonment Board, thus rendering industries in KCIP in-competitive. He said if these issues are tackled, around 80 more industries would start their operation in the next few years. Abdul Rasheed Chohan pointed out delay of approvals of state bank of Pakistan for remittance and bank guarantee for international opportunity of businesses between two countries Turkey and Pakistan even after the visit of Prime Minister of Pakistan and expected visit of President of Turkey. In another examples TWO joint ventures which did not finalize due to the Pakistani Partner not getting the basic necessities at the industrial zones i.e. electricity.
Muhammed Amin, member KCIP standing committee highlighted various issues in taxes and administrative matters which is slowing down process of industrialization.
Only 20 industries are in operation at KCIP while about 20 are in construction phase and the remaining 70-80 industries are held back due to lack of the promised facilities.