ISLAMABAD: The Economic Coordination Committee (ECC) on Wednesday approved the establishment of a large-scale industrial estate on 3,200 acres of unused land belonging to Pakistan Steel Mills (PSM) in Karachi. The move aims to transform idle government land into an industrial hub, potentially attracting investment and creating thousands of new jobs.
The ECC meeting, chaired by Finance Minister Muhammad Aurangzeb, also approved a technical supplementary grant of Rs2.82 billion for Pakistan Television (PTV). The funds will support the launch of a new English-language news channel, in addition to covering employee salaries and pensions.
Officials said this is part of a broader media reform plan. The grant complements the Rs11 billion annual package for PTV previously approved by Prime Minister Shehbaz Sharif, which will be released in quarterly payments. The ECC approved the first installment during the meeting.
In addition, the committee sanctioned funding for climate change-related development projects, reflecting the government’s growing focus on environmental priorities. These projects aim to support adaptation, infrastructure resilience, and green growth.
The decision to utilize PSM land for industrial development is expected to revive a strategically located but long-dormant asset. It marks a step forward in reindustrialization efforts and builds on recent policies to enhance public sector productivity.