KARACHI, Dec 29: The Textile City which is being established here with an initial capital of Rs1 billion, will facilitate creation of 80,000 jobs.

This was disclosed in a meeting convened to deliberate on the proposed Textile City project here on Monday at PIDC House.

The meeting was presided over by Secretary Ministry of Industries & Production and attended by chairman PQA, MD KW&SB, chiarman EPZ, chairman Pakistan Steel, Textile Commissioner, representative of Jetro, Nespak and some leading industrialists.

The project was approved by the cabinet and announced in the Trade Policy 2003-04.

The meeting was informed that the project would help boost the export earnings by $2.2 billion per annum.

The project would be owned and operated by joint stock company based on public-private partnership. The capital amount will be shared 50 per cent by the government and rest by private sector including PQA, PS, EPZ, PIDC, HBL, NBP, Pak-Oman, Pak-Libya, Pak-Kuwait and Saudi-Pak Ltd.

The Textile City will be self-sufficient with regard to water supply and power generation along with desalination plant. The Nespak has been directed to prepare master plan of the city.—APP