ISLAMABAD, July 14: The establishment of a state-of-the-art industrial estate at Pakistan Steel's downstream industrial area will go a long way in economic development of Pakistan and, especially of Karachi whose residents will be its major beneficiaries.

Minister for Industries, Production and Special Initiatives Jahangir Khan Tareen stated this while speaking at the signing ceremony of an agreement between Pakistan Steel and NIPs (National Industrial Parks Development and Management Company).

The agreement was signed by Chairman Pakistan Steel Muhammad Javed and chief executive officer of NIPs.

Giving details of the agreement the minister said that NIPs would develop an industrial estate on 930 acres of Pakistan Steel land while it will continue to remain the latter’s property.

Master plan of the industrial estate will be completed within three months and the construction will start by December 2007, he said adding that the ECC (Economic Coordination Committee) has already given approval to this joint venture between NIPs and Pakistan Steel.

Jahangir Tareen said this would be the second industrial estate to be set up in Karachi by NIPs and it would greatly contribute towards development of industrial sector in the country. —APP