The industrial associations of the port city of Karachi have commended the issuance of sales tax refunds of Rs65 billion by the government and hoped that creating an enabling environment for trade and industry will help achieve the broader goal of national economic growth, according to WealthPK. Appreciating Prime Minister Shehbaz Sharif's immediate attention and action, Sheikh Umer Rehan, a leading businessman and former president of Korangi Association of Trade and Industry (KATI), said this move will enhance investment, boost the industry’s capacity to meet export demands, and contribute to increased revenue. Praising the timely refund disbursement, he urged the government to extend its focus beyond the textile sector and address issues in various industries promptly. He stressed the importance of tackling challenges such as smuggling and underscored the need for collaborative efforts to formulate a comprehensive, long-term economic policy.

Expressing hope in the leadership of Prime Minister Shehbaz Sharif, Rehan called for practical steps to alleviate the economic crisis, reduce inflation, and lower production costs. Such measures, he believes, will foster industrialization and restore confidence within the business community, contributing to the country's positive economic growth. The Korangi Association of Trade and Industry (KATI) and members of the Executive Council have also expressed optimism about the new government and emphasized the pressing need for prioritizing and addressing Pakistan's economic challenges promptly. The business community hopes that the new government will swiftly implement measures to alleviate the economic crisis. Highlighting the key concerns, the KATI leaders underscored that the rising cost of production remains a critical issue for the industry. The recent hikes in electricity, gas, and energy prices have compounded challenges for industrialists, making it imperative for the government to take action.

In addition, they raised concern over the escalating port charges imposed by the shipping companies, posing significant obstacles for the exporters. Urging swift intervention, the KATI leadership has called upon the government to engage in immediate consultations with the industrialists and stakeholders. They stressed the importance of formulating a strategy to promptly address these pressing economic issues. Chairman of Businessmen Group (BMG) Zubair Motiwala and President of Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh have also appealed to the prime minister to pick up where the unfinished negotiations left off during the final days of his last term. At that time, all federal secretaries were convened at the KCCI to discuss various measures for fostering a business-friendly environment. While these measures were agreed upon in principle, most remain unimplemented to this day.

Furthermore, they have invited Prime Minister Shehbaz Sharif to make an early visit to the KCCI. Such a visit would offer an excellent chance for the business community to highlight all outstanding issues. With the Karachi business community’s full backing, they are hopeful that the prime minister will enact decisive measures to fortify both democracy and the economy, especially considering the particularly challenging phase it is currently experiencing. They also invited all the chief ministers to visit the Karachi Chamber and discuss matters of mutual interest and some really important issues hurting the economy, trade and industry.

Credit: Independent News Pakistan (INP)