ECC approves industrial estate on PSM land

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, in a significant move, approved the development of an Industrial Estate on 4,875 acres of Pakistan Steel Mills (PSM) land in Karachi. The project, to be executed in phases, aims to boost industrial activity, generate employment and attract investment.

Chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb, the ECC meeting deliberated on key economic and developmental matters.

According to an official statement from the Ministry of Finance, the committee approved multiple summaries, including the Karachi Industrial Park (KIP), leather export facilitation, and major grants for climate initiatives and media upgradation.

The KIP would be developed in two phases. In the first phase, the federal government will allocate resources for 1,534 acres, while the second phase would cover the remaining 4,875 acres, expected to be completed within three years.

To support the leather industry, the ECC approved the removal of Health Quarantine Certificate requirements for the import and export of leather, a step aimed at enhancing the sector’s global competitiveness.

The ECC sanctioned a Technical Supplementary Grant for the Ministry of Climate Change to strengthen environmental protection and climate resilience initiatives, particularly for Pakistan’s participation in the COP-30 summit in Brazil later this year.

Additionally, the committee approved Rs2.829 billion for the state-run TV to upgrade its English News Channel, improving broadcast quality and expanding global outreach.

The ECC directed the ministry to develop a comprehensive business plan to ensure the channel’s financial sustainability and reduce reliance on federal grants.

Finance Minister Aurangzeb emphasized the timely implementation of these decisions to maximise their economic and social benefits.