KARACHI: Pakistan is establishing its first dedicated Marble City in Karachi to attract investment, promote industrial development and create employment opportunities through the modern processing of the country’s marble and granite resources, Sindh Information Minister Sharjeel Inam Memon has said.
The Karachi Marble City Industrial Park, covering more than 300 acres along the Northern Bypass, is being developed under a public-private partnership framework at an estimated cost of $250 million.
Addressing the project’s pre-launch ceremony on Thursday, Memon said the initiative would provide investors with opportunities to establish modern industrial units equipped with advanced facilities to process marble and granite from Sindh and other parts of Pakistan.
He said the project aimed to shift the country’s stone industry from exporting raw materials towards producing value-added, finished products for international markets, thereby increasing export earnings and strengthening the national economy.
The formal inauguration of the project will be carried out by Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari and Sindh Chief Minister Murad Ali Shah.
Memon said the average price of land in the industrial park was being set at approximately Rs25 million ($89,000) per acre. Investors would also be offered instalment facilities rather than being required to pay the entire amount upfront.
Despite possessing substantial marble and granite reserves, Pakistan has yet to exploit their full commercial potential, he said, adding that modern processing facilities could help the country compete more effectively in international markets.
He also highlighted the importance of agriculture to Pakistan’s economy, stressing the need to expand agricultural exports and align production with modern industrial requirements.
The minister said the Sindh government welcomed other provinces adopting successful initiatives launched by Sindh, adding that his province would similarly consider implementing effective policies and projects introduced elsewhere in the country.
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He claimed that several industrialists operating in other Pakistani cities had expressed interest in relocating their businesses to Karachi and making fresh investments.
Special Assistant to the Chief Minister on Investment and Public-Private Partnership Qasim Naveed Qamar said the provincial government was considering a proposal to provide electricity at Rs20 per unit for its industrial projects, particularly in Dhabeji and Khairpur.
He added that the government was working to make industrial facilities available to Marble City investors at the lowest possible cost, including machinery on rental arrangements and access to advanced international technology.
Efforts were also underway to offer electricity to industrial units at rates lower than those charged by K-Electric, he said.
Qamar said the registration process for investors and industrialists would begin next month, with additional facilities to be extended to registered participants.
