Sindh govt-industrialist, investors: Dharejo hopes continued cooperation for development

KARACHI: Provincial Minister for Industries and Commerce, Jam Ikramullah Dharejo has expressed hope that a strong working relationship would continue between the industrialists, investors, and the Government of Sindh to promote industrial development in the province.

Addressing KATI members at a dinner hosted by the newly-appointed President, Ikram Rajpoot, at Gymkhana Karachi. Sindh Industrial Minister Ikram Ullah Dharejo was also present on the occasion.

Jam Ikramullah Dharejo thanked the office bearers of KATI for hosting the gracious dinner and providing an opportunity for industrialists to come together and exchange views on their concerns.

On this occasion, various issues faced by the industrialists, investment opportunities in the province, and the steps taken by the Government of Sindh for industrial development were discussed.

Patron-in-Chief of the United Business Group (UBG), S M Tanveer has highlighted several key initiatives, including efforts to renegotiate with Independent Power Producers (IPPs), reduce interest rates, revise stringent tax measures, and strengthen the district economy to drive economic growth.

He noted that the industrial electricity tariff had decreased from Rs 48 per kWh to Rs 31 per kWh (about 11 cents) as a result of successful negotiations with IPPs. Ideally, the electricity tariff should be around 9 cents per unit, he said, but this is currently not feasible due to IMF conditions.

However, he noted that FPCCI is actively working with the government to explore ways to exit the IMF program.

He further highlighted that the government has saved Rs 3,600 billion through renegotiations with Independent Power Producers (IPPs), a key demand persistently raised by FPCCI.

Additionally, he mentioned that the bank mark-up rate had dropped from 22% to 11 percent due to FPCCI's persistent efforts.

Tanveer emphasized the importance of his brainchild, the District Economy initiative, stating that making Pakistan more governable by converting divisions into provinces would unlock district potential and facilitate achieving USD100 billion in exports within the next five years.

He expressed satisfaction with the positive response from the business community across the country.

He also clarified that the concept of District Economy was developed by the FPCCI's Economic Policy Board, dispelling any misconceptions that the idea was borrowed from other sources.

Copyright Business Recorder, 2025