The project was aimed at giving a boost to export of gems and jewellery which was currently touching one billion dollar. There is huge potential to increase the exports of Pakistan through development of clusters or parks, as it is being done in the region.
However a dispute between the two authorities was letting the project to be initiated despite lapse of over four years since the project was approved by Export Development Fund Board in its 54th meeting held on March 20, 2009. Despite paying occupancy value of the land to the CAA, work on the important project could not be started due to ”unacceptable” rent conditions set by the Authority in draft agreement, sources told Business Recorder.
TDAP, which has paid over Rs 206 million in June 2007 as occupancy value of the 16 acre land to CAA, the owner of the land was reluctant to accept the terms of the former, according to which TDAP has to pay over Rs 20.6 million per month making 100 percent increase after every decade.
The proposed land was given to TDAP on lease for 60 years. Earlier foreign investors and other stakeholders had shown their interest to invest in the project. Being the government institutions TDAP was demanding the CAA for relaxation regarding the rent issue and not to treat the former as a franchise/private company. However TDAP has recently signed lease deed of the land for dazzle park project with CAA while resolving outstanding issue. The project would be located in the vicinity of Jinnah International Airport.
Dazzle Park is designed to be an exclusive safe and bounded zone for conducting multi-product and multi-dimensional activities of trading, commercial, services and manufacturing of coloured gems, diamonds, gold and fashion jewellery but also dealing with fashion industry and high value products. According to sources it is anticipated that the project will bring about latest techniques and research and development in metals, stones and gems and jewellery industry, which would greatly benefit from the setting up of hallmarking and assaying and integrated value chain.
This park would be developed at par with gems and jewellery projects successfully operating in the region like Gemopolis in Thailand, SurSez in India, Kuyumcukent in Turkey, Dubai Gold and Diamond Park and Shenzhen Shtanjiao free trade zone in China along with fully developed infrastructure with availability of industrial utilities. The infrastructure facilities would include developed plots, ready built units, boundary walls, access roads, parking areas, utilities including water, electricity and gas, stand-by power generation and telecommunication infrastructure. TDAP through this programme would offer investment opportunities to foreign investors, local investors, joint ventures in any proportion and builders etc.