Karachi to host Pakistan's first marble city, says Sharjeel Memon

Sindh Senior Minister Sharjeel Inam Memon said Pakistan's first marble city is being established in Karachi. He spoke at a pre-launch ceremony of the Karachi Marble City Industrial Park, held at a local hotel in the city.

Under the project, marble and granite reserves from Sindh and other parts of the country will be processed with modern industrial methods into high-quality products for export. The project is expected to create investment opportunities, boost industrial activity and increase employment.

Qasim Naveed Qamar, Special Assistant for Investment and Public Private Partnership, attended the ceremony along with industrialist Arif Habib, officials, industrialists and business figures. Qamar is leading the project on the instructions of Chief Minister Syed Murad Ali Shah.

The average price of land in the marble city is set at about 2.5 crore rupees per acre. Investors who cannot pay the full price at once will be allowed to pay in instalments.

Mr Memon said the Sindh government bears a large part of the profit rate on loans under the Sindh Enterprise Development Fund, which was launched in 2011. Businesspeople pay a one percent profit rate excluding KIBOR, he said, while a similar facility in Punjab requires a five percent profit rate.

He added that the government has introduced a one-window facility so businesses can obtain necessary approvals on one platform. According to Mr Memon, businesspeople no longer need to go to various government offices to complete trade licence and other requirements.

The formal inauguration of the project will be performed by Bilawal Bhutto Zardari and Chief Minister Syed Murad Ali Shah. Mr Memon also said the Sindh Strategic Basic Services project, launched about twenty years ago, received recognition from the World Bank.

Express News reported the details of the ceremony. One headline said the city is due to open in two months, though the reports did not give further detail on the timeline.