KARACHI, Jan 29: National Industrial Park Development and Management Company (NIP) has sold out approximately 75 per cent of total saleable area of Korangi Creek Industrial Park (KCIP) to multinational and local companies of high repute.

One of the leading pharmaceutical companies will soon start the construction work after signing a licence agreement with NIP on Tuesday.

Spokesperson of NIP Khawaja Aamir told Dawn that the out of 103 acres falling in the category of low density zone for industrial set up, approximately 75 per cent of the saleable area had been sold out valuing approximately Rs1.70 billion.

The high density zone covering 29 acres is reserved for high-rise flattened factories, multi-story commercial complex including banks, multinationals, corporate offices, besides a dedicated gems and jewelry workshops and sales center and Information Technology Centre.

The official said that investors and industrialists from consumer food and pharma sectors, light engineering, oil sector, garment/textile, printing and packaging, warehousing and logistics have so far shown their interest.

“The NIP will soon sign a licence agreement with eight more companies for the start of construction work. Getz pharma has taken over two acres of land,” he said, adding that investors and business community had shown interest in the KCIP as they needed a highly secure business environment for smooth industrial activities. Federal Production Secretary Gul Muhammad Rind on Tuesday performed the ground breaking of Getz Pharma’s manufacturing plant at KCIP.

Addressing the ceremony of licence agreement signed between NIP and Getz Pharma, he said such industrial parks were available in Singapore, Malaysia and Thailand but in Pakistan this is a new concept and as such this state-of-the-art industrial zone is bound to attract the entrepreneurs.

The licence agreement was signed by NIP CEO Mohsin Syed and Getz Pharma Company Secretary Hanif Ajari.

The Federal Secretary said the new industrial zone was badly needed as Karachi’s biggest zone Sindh Industrial Trading Estate (SITE) was already over populated.

NIP CEO Mohsin Syed hoped more national and international companies would follow suit as this industrial zone offers entrepreneurs with guaranteed uninterrupted power supply through 48 MW captive power plant and all essential utilities like water, gas and telecommunication at the customers doorstep. The hallmark of this industrial zone is perimeter wall with controlled entry and exit to the complex spreading over an area of 250 acres at Korangi Creek offering a safe and secure environment to the industrialists, he added.

He said KCIP is expected to provide 30,000 direct and 180,000 indirect employment opportunities besides contributing Rs40 billion annually to the GDP.The project designed by Jurong Singapore and is being developed at an estimated cost of Rs3.3 billion which will have an investment opportunity of Rs20 billion.