KARACHI: Sindh Board of Investment (SBI) is committed to facilitating industrial investment in the province of Sindh which has the best infrastructure for setting up industries.
SBI Chairperson Naheed Memon said this while addressing ribbon-cutting ceremony of Aisha Steel Mills (ASM) expansion plant at its site here on Saturday.
The ceremony was held to mark the start of construction of the company’s expansion plans to achieve its capacity to a total of 700,000 tonnes per annum from its current production of 220,000 tonnes.
Naheed Memon said initiation of expansion of ASM reflects the confidence investors have in Sindh and Pakistan, strengthening our resolve to continue on this path of progress.
“We are seeing expansion and new projects in almost all areas of manufacturing in Sindh”, she added.
ASM CEO Dr Munir speaking at the ceremony said, “our product mix, subsequent to the completion of the expansion, will include 450,000 tonnes of Cold Rolled Coils (CRC) and 250,000 tonnes Galvanized Coils”.
He said that the project is progressing on schedule and we are targeting phase wise production to commence from the second quarter of the next financial year.
He said on completion of the expansion, ASM is expected to contribute over Rs 10 billion to government revenue and save precious foreign exchange in excess of $ 500 million every year besides generating jobs by providing employment to approximately 1000 people.
Aisha steel mills progressive production schedule, achieving the target of 700,000 tons per annum will really be landmark in the steel sector of pakistan industry and will be an eye opener for the dying pakistan steel mills karachi and would bespeak the world of difference between private sector and the public sector projects in the sense of real productivity in economic terms. m.aslam ch