KARACHI, Aug 5: Federal Minister for Industries, Production and Special Initiatives Jahangir Khan Tareen on Friday announced allocation of Rs100 million for the promotion of new industries particularly small and medium enterprises (SMEs). Talking to reporters after chairing a meeting of the Board of Directors of the National Industrial Parks Development and Management Company (NIP), the minister said that this amount would be utilized for the promotion of SMEs that were unable to afford foreign trips to attend international trade fairs.

He pointed out that the services of international experts were being acquired for improving the quality of the garments and other products so that we may compete with China, India and other countries. Answering a question, Mr Tareen said there was no change in the government policy on automobile sector and that the import of cars had been allowed under the gift scheme.

Earlier at the meeting with the NIP board members, he discussed the progress of the development on industrial parks in the mega city. The directors were apprised by the minister that the government in principle agreed to transfer about 2,400 acres relating to downstream land of Pakistan Steel prior to its privatization.

Meanwhile, the minister also chaired the 66th Board meeting of the PIDC here on Friday. The meeting discussed various issues including the setting up of a most modern tools/dies/moulds centre at Karachi.—APP