KARACHI: Pakistan’s top economic decision-making body has approved plans to build an industrial estate on the land of the country’s largest state-owned steel producer, part of a package of measures aimed at boosting exports, investment and climate diplomacy, the finance division said this week.
Pakistan Steel Mills (PSM), located in Karachi, was once the country’s biggest industrial complex but has been largely dormant since 2015 due to financial losses and mismanagement. Successive governments have sought to privatize or repurpose its land and assets.
The Economic Coordination Committee (ECC), which oversees key economic policy, said turning the site into an industrial estate would generate jobs and attract investment.
“The ECC approved the development of an Industrial Estate on the land of Pakistan Steel Mills (PSM) in Karachi, aimed at boosting industrial activity, generating employment opportunities, and attracting investment,” the Finance Division said in a statement after a meeting chaired by Finance Minister Muhammad Aurangzeb on Wednesday evening.
The ECC also approved measures to support Pakistan’s leather industry, including scrapping the requirement for health quarantine certificates on imports and exports to “enhance its competitiveness in international markets.”
Another major decision was the allocation of a technical supplementary grant of 2.8 billion rupees ($10 million) for the state-run Pakistan Television Corporation to upgrade its English-language news channel. The committee said the goal was to “improve broadcast quality and expand outreach to global audiences,” while urging the channel to develop a business plan to reduce reliance on federal subsidies.
In addition, a separate grant was approved for the Ministry of Climate Change to strengthen its participation at the upcoming COP-30 climate summit in Brazil, reflecting Pakistan’s push to maintain visibility in global climate talks after championing the “Loss and Damage” agenda in 2022.
The Finance Division said the ECC chair concluded the meeting by stressing “the importance of timely and effective implementation of these decisions to ensure their intended economic and social benefits.”
