PSM land to be converted into SEEZ for investors

The federal government would hand over the 4,000-acres land of the Pakistan Steel Mills (PSM) to Chinese investors by establishing a Special Export Economic Zone (SEEZ) there, Sindh Industry Minister Jam Ikramullah Dharejo said on Thursday. Talking to the Council of Economic and Energy Journalists (SAGE) members, the minister stated that the land was originally owned by the Sindh government and it was given to Centre for the establishment of the PSM. He added that if the land was sold, Sindh must be given a share in the proceeds. Dharejo revealed that the Sindh government had decided to set up and run the steel mill itself in the public-private partnership. However, he added that all the liabilities of the PSM must be borne by the federal government. "The Sindh government will contact interested parties, including Russia," he said. When asked about the Sindh government stance regarding the contracts with the Independent Power Producers (IPP), Dharejo replied that provincial government's stand was very clear: "Agreements with the IPPs need to be reviewed, these agreements must be renegotiated." "The work has started on the Phase-III of the Nooriabad Industrial Zone, over 1,300 acres. Those in service sector of Punjab have set up industry on an area of 50 acres in Nooriabad," he continued. "The industry ministry of Sindh also plans to set up agri-processing zones in major cities of the province."

from Pakistan News, Latest News Pakistan, Pakistan Headline | The Express Tribune https://ift.tt/z5Achae