USD 36 Billion Investment
ISLAMABAD: The government said on Thursday Pakistan is poised to attract the highest ever 36 billion US dollars investment in diversified fields over the next five years.
Minister of State for Privatization and Investment Umar Ahmad Ghuman said the planned investment include the London Taxi of the UK equipped with modern gadgets such as satellite tracking will be plying the roads of Karachi, Lahore and Islamabad by the next month. The minister admitted that the London Taxi International (LTI) was shrinking its business in the UK due to heavy cost.
The government has allowed duty-free import of 300 taxis (CBUs), while the Prime Transport Limited, a company owned by a US-based Pakistani will invest one billion US dollars for the setting up of an assembly plant of LTI at Gharo in Sindh, he told a press conference. Minister of State for Foreign Affairs Khusro Bakhtiar, Minister of State for Finance Umar Ayub Khan, Minister of State for Environment, Malik Amin Aslam, MNAs, Donia Aziz and Waqas Akram were also present on the occasion.
Mr Ghumman said that President General Pervez Musharraf will inaugurate the London Taxi terminal at Karachi Airport by the end of next month, while Prime Minister Shaukat Aziz will perform the ground breaking of LTI assembly plant at Gharo, for which 300 acres of land have been allocated.
He said the company would provide affordable fare (Rs 11.20 per kilometer).
Mr Ghuman said that LTI plant will assemble 18,000 taxi cabs every year in Pakistan, out of which 9,000 taxi cabs would be exported. The export of 9000 taxi-cabs will fetch $2.8 billion every year, he added.
The 2400 cc (2.4 liters diesel engine) London Tax priced at 42,000 pounds in the UK will be available at around 20,000 pounds in Pakistan, he added. He said that Dubai World (DW) of the UAE, Daimler Chrysler, Dubai Islamic Bank, and certain other organizations of international repute will invest in Pakistan. The total volume of investment will touch around 36 billion US dollars in the next five years.
DW will construct new modern cities at Clifton Beach, Sandspit & Manora and Hawkesbay & Cape Mount in Karachi with the investment of $15 billion.
He said the DW will build housing units in Karachi, Lahore and Islamabad which will not only overcome the six million shortfall of housing units in the country, but will also help check property prices. He said Daimler Chrysler of the USA will establish its assembly plant near Sheikhupura for the production of Mercedes-Benz trucks, buses and cars.
Mr Ghuman said Volkswagen, Renault and Jetta will set up their car manufacturing plants in Pakistan with investment of billions of dollars.
Minister of State for Privatization and Investment Umar Ahmad Ghuman said the planned investment include the London Taxi of the UK equipped with modern gadgets such as satellite tracking will be plying the roads of Karachi, Lahore and Islamabad by the next month. The minister admitted that the London Taxi International (LTI) was shrinking its business in the UK due to heavy cost.
The government has allowed duty-free import of 300 taxis (CBUs), while the Prime Transport Limited, a company owned by a US-based Pakistani will invest one billion US dollars for the setting up of an assembly plant of LTI at Gharo in Sindh, he told a press conference. Minister of State for Foreign Affairs Khusro Bakhtiar, Minister of State for Finance Umar Ayub Khan, Minister of State for Environment, Malik Amin Aslam, MNAs, Donia Aziz and Waqas Akram were also present on the occasion.
Mr Ghumman said that President General Pervez Musharraf will inaugurate the London Taxi terminal at Karachi Airport by the end of next month, while Prime Minister Shaukat Aziz will perform the ground breaking of LTI assembly plant at Gharo, for which 300 acres of land have been allocated.
He said the company would provide affordable fare (Rs 11.20 per kilometer).
Mr Ghuman said that LTI plant will assemble 18,000 taxi cabs every year in Pakistan, out of which 9,000 taxi cabs would be exported. The export of 9000 taxi-cabs will fetch $2.8 billion every year, he added.
The 2400 cc (2.4 liters diesel engine) London Tax priced at 42,000 pounds in the UK will be available at around 20,000 pounds in Pakistan, he added. He said that Dubai World (DW) of the UAE, Daimler Chrysler, Dubai Islamic Bank, and certain other organizations of international repute will invest in Pakistan. The total volume of investment will touch around 36 billion US dollars in the next five years.
DW will construct new modern cities at Clifton Beach, Sandspit & Manora and Hawkesbay & Cape Mount in Karachi with the investment of $15 billion.
He said the DW will build housing units in Karachi, Lahore and Islamabad which will not only overcome the six million shortfall of housing units in the country, but will also help check property prices. He said Daimler Chrysler of the USA will establish its assembly plant near Sheikhupura for the production of Mercedes-Benz trucks, buses and cars.
Mr Ghuman said Volkswagen, Renault and Jetta will set up their car manufacturing plants in Pakistan with investment of billions of dollars.
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