KARACHI: In a bid to attract billions of dollars investment from both foreign and local corporate sector, the Karachi Port Trust (KPT) has planned a mega billion project to construct Maritime Business District at its 142 acres land of TPX, it is learnt on Thursday.

Under its vision on Karachi Port Development Package (KPDP), KPT intends to use its urban land to develop for high net worth commercial and business purposes.

Presently this site is being utilised for storage of empty containers by KPT licence holders.

Sources at Ministry of Maritime Affairs told Business Recorder that the proposed project has been presented and discussed at highest government levels.

The project has also been presented at the meeting of Special Investment Facilitation Council (SIFC), which is highest body formed to attract more foreign investment and to boost the country’s economy, they added.

The land of the proposed project is at the prime location of the city, within 400 meter radius of I.I. Chundrigar Road (Commercial Hub of Karachi) and right on M.T Khan Road (Old Queens Road). It is within one kilometer of Karachi Harbour/KPT Head Office and linked with major roads including Mai Kolachi, Sharae Faisal, Clifton, DHA and M.A. Jinnah Road from Native Jetty Bridge and facing to the US Consulate, Karachi.

The proposed project envisages modern facilities, all under Corporate Management and long-term lease, best suited for high-end offices, exhibition halls/ convention centres, five star hotel and service apartments, shopping & entertainment facilities, educational complex and others.

This proposed mega project on 142 acres urban land of KPT has potential to attract billions of dollar investment from both domestic and foreign investors. The minimum current value of this land is approximately PKR 01 billion per acre.

The process for identification of land for Maritime Business District has been completed. The process for valuation of land and its best utilisation has also been completed while the selection of Engineering Planning Consulting firm is being carried out.

The Karachi Port has a strategic importance in the national as well as regional maritime sector. KPT Management has continuously been improving and upgrading the services for all stakeholders of the port.

The KPT is also been contributing in development of the city under its Corporate Social Responsibility (CSR). Besides, efforts and investment made by the KPT in the port’s infrastructure, the KPT has also been pursuing the private sector to come forward and participate in the development within the defined limit of the port.

Initially, the KPT was working on this project on self-financed basis but it could not materialise due to huge capital investment.—AHMED MALIK