Govt to allocate huge funds for promotion of industries in upcoming budget

Islamabad: The federal government has decided to allocate funds for new projects to promote industries in the budget for the next fiscal year.

According to the budget document, it is also proposed to allocate funds for the establishment of a special economic zone on the land of Pakistan Steel, while it is proposed to allocate Rs500 million in the budget for the new project.

A total of 6,400 acres of Pakistan Steel’s land will be allocated for the special economic zone. Pakistan Steel and Karachi Industrial Park will be developed together as a federal special economic zone. The project will be named Karachi Industrial Park (Federal Special Economic Zone).

According to the document, in the first phase, Block A will be developed on 500 acres out of 1,500 acres of Karachi Industrial Park. It spreads over 1,500 acres and is being developed on Pakistan Steel’s land.

Karachi Industrial Park is one of the 9 Special Economic Zones being developed in the country under CPEC. The budget also proposes funds for a new project to establish 1,000 industrial stitching units. It is proposed to keep Rs250 million for this new project of the second phase under SMEDA.

It is pertinent to note that the annual budget of the federal government will be presented on June 10.