KARACHI, April 19: Two leading Asian corporations — YYK Corporation of Japan and YKK Holding Company of Singapore — have finalised a plan to invest $15 million in setting up a manufacturing plant in Karachi Export Processing Zone (KEPZ).

A press release issued by the KEPZ on Wednesday said that the Security and Exchange Commission of Pakistan (SECP) issued the approval letter to YKK Pakistan (private) Ltd., early this month and its investment plan is so far the biggest in the zone. The manufacturing unit is expected to be in production by the year 2007. It is expected to generate employment for 246 persons.

The objective is to establish a zipper production unit and a sales facility in Pakistan to meet the demands of apparel manufacturers. Its production line includes zippers, textile and plastic accessories, hooks and loops, snaps and buttons, fasteners, cord fasteners, connect rings, hooks and eyes.

YKK Corporation has asked for 50,000 square maters of land in the KEPZ supplied with quality water for dyeing process, electricity, telephone and effluent water treatment system.