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KARACHI: The President of the Korangi Association of Trade and Industry (KATI) and founder president of Pakistan Business Group Organisation (PBGO), Faraz-ur-Rehman, emphasised the urgency of implementing a comprehensive two-year industrial policy to foster development and economic prosperity in Pakistan.

Speaking at the closing session of the International Consumer Products Exhibition held at Expo Center Karachi, Faraz urged collaboration among all stakeholders for immediate and strict policy implementation.

While addressing a diverse audience comprising local and international company heads, diplomats, and members of the business community, Faraz outlined that swift and resolute policy implementation is essential for lifting Pakistan out of its economic crisis within the next two years.

He recommended a transition to energy-efficient production machines in the textile and industrial sectors, emphasising the importance of increasing women's participation in the economy for sustainable development.

Faraz stressed the priority of technology transfer from developed countries to enhance product marketing and pricing capabilities, aligning with global standards. He proposed that the government should provide immediate relief by reducing Customs duties and other taxes, fostering a favorable environment for economic growth.

The exhibition, according to Faraz-ur-Rehman, plays a crucial role in showcasing Karachi’s soft image and providing a platform for international companies to explore the potential of the Pakistani market. He highlighted its significance in increasing foreign direct investment, promoting local suppliers, and facilitating global exposure for domestically produced goods.

He emphasised the need for a visionary and strategic approach to transform Pakistani products into recognizable brands. This transformation, he argued, would contribute to foreign exchange earnings, increase exports, decrease imports, and establish a strong global presence for Pakistani products.

Expressing delight over the participation of foreign companies and the presence of numerous foreign delegates and diplomats at the exhibition, Faraz expressed optimism that Pakistani products would soon gain recognition globally, positioning Pakistan among economically stable and developed nations.

Recognizing the untapped potential among the youth in Pakistan, he underscored the industry's vital role in providing better guidance and training to harness this potential for the nation's growth and prosperity.

Copyright Business Recorder, 2023

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