Pakistan Textile City project failed due to insufficient development
According to a report by Pakistan’s “Business Record” on March 24, the Economic Committee of Pakistan’s Cabinet recently decided to terminate the Pakistan Textile City project in Karachi, declaring the failure of the national key industrial park project. The project was launched in 2004. It was originally planned to build a textile industrial park covering an area of 1,250 acres in Port Qasim, Karachi, providing “three connections and one leveling” to attract domestic and foreign manufacturers to settle in, create a scale effect, and boost Pakistan’s textile exports. It plans to create more than 80,000 jobs. However, due to the failure to implement the infrastructure construction and tax incentives related to the industrial park after the project was established, the project has made no substantial progress in the past 13 years.
Relevant industry insiders believe that the ownership structure of the project is complex. The largest shareholders of the project company are the federal government, which holds 40% of the shares, and the Sindh provincial government, which holds 16% of the shares. The project land is owned by the federal-owned Qasim, which holds 8% of the shares. The Port Authority provided that during the project advancement process, the interests of the federal and local governments were complicated and interfering with each other, resulting in the failure of all parties to effectively promote the progress of the project.
The report believes that Pakistan is currently developing a new industrial park under the China-Pakistan Economic Corridor. It must learn from the painful lessons of the country’s key industrial park project that has made no progress for 13 years, overcome the impact of bureaucracy on the project, and ensure that new The industrial park project has made progress. Pakistan Textile City project failed due to insufficient development
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