KARACHI, Nov 22: Pakistan Machine Tool Factory (PMTF) will start assembling and production of motorcycles.
This was announced by Industries and Production Minister Liaquat Jatoi here on Saturday at a news conference to give details of one-year performance of various corporations under his ministry.
“Massive restructuring/re-modification has been planned for PMTF by the government,” he said and added PMTF would soon be made a growth and profit-oriented organization.
He said that it was for the first in few decades that the industry registered 11.87 per cent growth.
Giving a break-up, he said the textile sector grew by 5.07pc; leather 29pc; chemical, plastic and rubber industry 10.25pc; non-metallic sector 16.41pc; basic metallic 13.52pc; automobile 15.22pc; and mineral up by 16.44pc.
Pakistan Steel, he said, was suffering huge losses, but now it had been turned into a profitable enterprise. The minister said Pakistan Steel had a record profit of Rs1.2 billion during the last one year (Nov 22, 2002-Nov 22, 2003) and its sales grew to Rs23 billion.
In addition, he said Pakistan Steel repaid loan amounting to Rs10.4 billion, which was due to be paid in 2012. Mr Jatoi said the production capacity of Pakistan Steel was also being doubled from the existing 1.5 million tons to three million tons.
He said the losses of Utility Stores Corporation, which were to the tune of Rs920 million per annum, had been brought down to Rs62 million.
The minister said that National Fertilizer Corporation had registered profit of Rs1.2 billion this year. Moreover, there are plans to launch two joint venture projects for NFC in near future.
He said State Cement Corporation’s sales increased by 131 per cent, as compared to the preceding year and recorded a profit of Rs48 million. In the past, it was running on loss.
About Sindh Engineering, he said that in collaboration with Dong Feng Corporation, it had started production of various makes of buses and trucks.
He said Pakistan Engineering Corporation was suffering a loss of Rs326 million per annum in the past. Now its losses have been reduced to Rs7 million. It has been given a target to achieve Rs70 million profit next year.
The minister said 100 acres of land had been approved for expansion of the Export Processing Zone, Karachi.
He said a German firm had proposed to set up an energy plant, which could attract $500 million investment. He said the work on establishing a textile city near Port Qasim had been accelerated.
With the establishment of the textile city, the country’s exports would increase by $2.5bn, while it will attract $12.5bn private investment.—APP