Government to develop marine business district in Karachi

WEB DESK: The federal government decided to establish a marine business district in collaboration with the Karachi Port Trust, the Hum Investigation Team (HIT) recently learnt.

According to evidence available with HIT, the decision comes on the heels of recommendations put forth by the Special Capital Council, aimed at bolstering the city’s maritime and commercial infrastructure.

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The marine business district will be developed under the Karachi Port Development Package, a comprehensive initiative designed to enhance the city’s port and shipping capabilities.

The Ministry of Maritime Affairs has been designated as the primary authority responsible for overseeing the project’s execution. In the initial phase, approximately Rs1 billion will be allocated to kickstart the development, with land already identified for the project.

The broader vision includes several ambitious plans for Karachi, as outlined by the maritime affairs ministry. These plans are inspired by recommendations from the Special Investment Facilitation Council (SIFC) and encompass the construction of four major projects across the city.

Among these is the proposal to build a greenfield modern coastal city, intended to further revitalise and modernise Karachi’s coastal and maritime infrastructure.

In addition to the Marine Business District, the government has also decided to proceed with the development of the Korangi Fisheries Business Park. The initiative aims to bolster the local fisheries industry, improving its infrastructure and operational efficiency.

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Another key proposal is the creation of a Coastal Free Economic Zone, designed to attract international investment and facilitate trade. This zone is expected to offer a range of economic benefits, including tax incentives and streamlined regulatory processes, to stimulate growth in the maritime and related industries.