Japanese’s Co. invest US $ 150 m on Yamaha manufacturing plant, it will create employment opportunities about 25,000 engineers

Sameer Nazir
KARACHI: The Chief Minister Sindh Syed Qaim Ali Shah has welcomed the investment of Japanese’s company up to US $ 150 million for establishment of Yamaha manufacturing plant providing employment opportunities to 25,000 engineers, technicians and labour here in Karachi. He said that the transfer of automobile and electronic technology from Japan to Sindh would be proved as instrumental source for the development and prosperity in the Province. Considering it very important and economic encouraging step, the Chief Minister Sindh announced 10 years tax holding and offered full Administration support to the Japanese’s companies for their investment in Sindh Province. The Chief Minister Sindh observed this while talking to the Country Director of the “Japan External Trade Organization” (JETRO), Mr. KAORU SHIRAISHI who called on him along-with his research analyst SAADIA MANZOOR at CM House today. Addressing the delegation, the Chief Minister Sindh said that 2000 Acres of land has been earmarked by his Government for the establishment of Japan Special Economic Zone along with National Highways in Karachi where all necessary infrastructure facilities would be provided to Japanese companies for their investment. In addition to that, the Sindh Government has recommended to the Federal Board of Investment (FBI) through a summary for declaring Special Economic Zone at National Industrial Park (NIP) at Bin-Qasim Karachi to facilitate Japanese Company for the setting up Yamaha manufacturing plant there. The Chief Minister Sindh Syed Qaim Ali Shah was of the view that Sindh posses good potential for the investment as it is rich with the resources of agriculture, gas, coal, wind, mines & minerals with incentives of Seaport and cheap labour force. He said that though we to encourage each type of investment, but labour oriented investment would not only be encouraged but facilitated at large to minimize the unemployment and increase the purchasing power of the people in Sindh. He said that after 18th amendments, the provinces have become empowered to negotiate, make MoU and Agreements for the foreign investment where as Federal Government to support and encourage these steps. He said that, we have here very conducive atmosphere for the foreign investment and to ensure its fellow, we have controlled over the law & order and established a separate organization Sindh Board of Investment (SBOI) to encourage and facilitate the investors. The Country Director of the Japan External Trade Organization (JETRO)Mr. KAORU SHIRAISHI while talking in the meeting, said that his organization support to Japanese companies in exploring and forming new business and projects in throughout world. He said that managing study on potential projects, creating awareness, organizing business matching events and trade fairs and visits of business delegations were the main functions of his organization. He said that Yamaha has been agreed to invest US $ 150 million for establishment of its manufacturing plant at Special Economic Zone Bin Qasim Karachi which as per estimate will provide employment to 25,000 engineers, technicians and labours here at Karachi. He said that another company Marubeni Itochu has also signed an agreement to establish a new steel processing company in Bin Qasim industrial park, with a annual processing capacity of approximately 70,000 tons. Besides, other projects were also in pipe line with heavy investment here in Sindh. He said that by making investment here, we have to contribute in the promotion of business and employment opportunities in the province as well.