KARACHI  - Sindh Chief Minister Syed Qaim Ali Shah has welcomed US$ 150 million investment by Japanese company for establishment of Yamaha manufacturing plant at Karachi.

An official statement issued here on Monday said that transfer of automobile and electronic technology from Japan to Sindh would prove as an instrumental source for the development and prosperity of the province besides provision of employmentopportunities to people in large number.

Considering it very important and economically encouraging step,the Chief Minister announced 10 years tax holiday and offered full administrative support to Japanese companies for their investment in the province.

These assurances were extended by the Chief Minister to Country Director of the Japan External Trade Organization (JETRO), Kaoru Shiraishi who called on him along with his research analyst Saadia Manzoor here at the CM house. 

He said that 2000 acres of land has been earmarked by his Government for the establishment of Japan Special Economic Zone along with National Highways where all necessary infrastructure facilities would be provided to Japanese companies for investment.

In addition to that, the Sindh Government has recommended to the Federal Board of Investment (FBI) for declaring Special Economic Zone at National Industrial Park (NIP) at Bin-Qasim Karachi to facilitate Japanese Company for the setting up of Yamaha Manufacturing plant.

He said that after 18th Amendment, the provinces have become empowered to negotiate, sign MoUs and agreements for foreign investment.

He said “we have here very conducive atmosphere for the foreign investment and to ensure its flow, we have controlled the law and 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) told the CM that his organization supports to Japanese companies in exploring and forming new business and projects worldwide.

He said that Yamaha has agreed to invest $ 150 million for establishing of its manufacturing plant at Special Economic Zone at Bin Qasim which as per estimate will provide employment to 25,000 engineers, technicians and labours. 

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 an annual processing capacity of approximately 70,000 tons. Besides, other projects were also in pipe line with heavy investment in Sindh.