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Government allocates funds for new industrial development projects in upcoming budget

The government has announced plans to allocate significant funds in the next fiscal year’s budget to promote industrial growth and development across Pakistan. These initiatives focus on creating special economic zones and expanding industrial units to boost manufacturing and employment.

One key proposal is the allocation of Rs. 500 million for establishing a Special Economic Zone (SEZ) on the vast land of Pakistan Steel Mills. Approximately 6,400 acres of the mill’s land will be dedicated to this SEZ, which will be developed alongside the Karachi Industrial Park. Together, they will form a unified federal special economic zone, named the Karachi Industrial Park (Federal Special Economic Zone).

The project’s first phase involves developing Block A, covering 500 acres out of the total 1,500 acres of Karachi Industrial Park land. This SEZ is part of the larger China-Pakistan Economic Corridor (CPEC) plan and is one of nine special economic zones being established nationwide under this initiative to attract investment and promote exports.

In addition, the budget proposal includes Rs. 250 million for setting up 1,000 new industrial stitching units, aiming to enhance the textile sector, create jobs, and boost local production capacity. These units will support small and medium enterprises and improve Pakistan’s position in global textile markets.

These measures reflect the government’s commitment to reviving Pakistan’s industrial base, improving infrastructure, and encouraging both local and foreign investors to contribute to sustainable economic growth. The developments are expected to generate employment opportunities and strengthen export-led growth in key sectors.

Filed Under: Business Tagged With: Allocates Funds, Government, Industrial growth, Karachi Industrial Park (Federal Special Economic Zone), Latest, New Industrial Development Projects, Special Economic Zone (SEZ), upcoming budget

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