Ravi City, island projects to boost economy: PM

Meeting informed several int’l firms have shown keen interest in these projectsOur correspondent

Prime Minister said on Friday that Pakistan’s coastline was not only conducive to tourism and world-class urban construction but had also the potential to create innumerable opportunities for foreign investment.

Chairing a meeting of working groups of Pakistan Island Development Authority (PIDA) and Ravi Urban Development Authority, Imran said that these major projects would have a positive impact on the national economy and the lives of the common man.

During the meeting the Prime Minister was informed that several international companies have shown keen interest to invest in Ravi City project in Lahore and the two islands off the Karachi coast, while several other companies have expressed willingness to develop master plan and conduct environmental studies for the Island projects.

The meeting was convened to apprise the prime minister of the progress made so far on both the projects. Sindh Governor Imran Ismail and Chief Secretary Punjab Jawad Rafique Malik attended the meeting via video link.

Imran said that these major projects would have a positive impact on the national economy and the lives of the common man, adding that these projects would lead to the development of local industries as well as create new employment opportunities.

Emphasising that the projects would produce immense opportunities of investment and employment, Imran said that the Ravi City project would reduce the population pressure on Lahore and also add new dimensions to the urban planning in Pakistan.

An official statement of the meeting highlighted that the projects were being developed on the basis of partnership instead of loans and international institutions and investors have shown interest to invest in these projects.

For the first time in the history of the country, officials informed the prime minister, the Ravi City and the cities to be built on the islands would be built in accordance with the principles of a green city.

The Ravi Development Authority chairman said that the survey of 18,600 acres of land for construction had been completed, adding that the project would not affect the local population and there would be no need to evict or relocate anyone.

The chairman said that the Ravi City project would set an example in the region in terms of international standard housing as well as drainage, availability and protection of groundwater resources and environmental protection.

During the meeting, the PIDA chairman informed the prime minister about the interest of a large number of international companies in preparing the master plan as well as conducting environmental studies of the island projects.

Meanwhile, during the weekly meeting of the National Coordinating Committee for Housing, Construction and Development, the State Bank of Pakistan (SBP) governor informed the prime minister that special desks would be set up in 50% bank branches in all the districts to provide loans for construction.

The Punjab chief secretary said that applications for construction work on 44 million square feet had been received from all over the province while approval had already been given for the construction on 20 million square feet.

After the commencement of construction work on 44 million square feet in Punjab, the chief secretary said, economic activities worth about Rs1 trillion were expected.

The Khyber-Pakhtunkhwa chief secretary said that applications for new constructions on about 6 million square feet were received from all over the province and after approval, economic activities worth Rs100 billion would soon start in the province.