With the closing down of the development of Karachi Textile City, hopes attached with the project of achieving exports worth $2 billion and generation of 80,000 jobs have been belied. The proposal of developing Karachi Textile City has been cancelled, as a special committee constituted earlier, headed by the finance secretary and comprised secretaries of the ministries of textile and planning, development and reform, proposed to the prime minister to shut the project and return the acquired land to the Port Qasim Authority.
It is learnt that absence of electricity and gas in the proposed textile city was the prime reason behind the abrupt closure of the project. The committee recommended that after handing over the land to the Port Qasim Authority, outstanding loans against the company must also be shifted to the authority.