KARACHI: Pakistan Peoples Party leader and Senator Nisar Khuhro has said that the problems of KATI will be resolved on a priority basis.
Addressing a luncheon at the Korangi Association of Trade and Industry (KATI), he further said that he will let KATI’s delegation meet Chairman Peoples Party Bilawal Bhutto to inform him about the problems of industrialists.
Khuhro added that before 2010, only Rs 4 billion were provided to the Sindh government in the form of sales tax on services by the federation, while after the 18th amendment, the Sindh government is collecting 120 billion rupees from its resources. While currently, the biggest project is Thar Coal which can change the economy. He said that the improvement of the industry is mandatory and PPP strongly believes in it.
Khuhro further said that development projects outside Karachi suffered from slow progress, like the construction project of the Sukkur to Hyderabad Highway, which could not be started even in 5 years. He emphasised that the business community should sit together and suggest solutions to the problems.
KATI President Faraz-ur-Rehman said that the country is currently going through a difficult situation.
He said: “The country has a 20 percent documented and 80 percent undocumented economy which needs to be documented. The government should immediately suspend the condition of EIF and FI temporarily.”
He said that the current problems and conditions of the country are not hidden from anyone, political instability, law and order problems, increase in production cost and interest rate, everything including electricity, gas, inflation is skyrocketing high and due to other problems, the country's industries are in dire straits, most industries have closed down and others are in danger of closing down.
The President KATI said that due to a lack of raw materials, the industry is on the verge of closure, there is a fear that if the situation is not controlled now, there will be a storm of unemployment, which may cause chaos in the country.
On the other hand, political parties are seen engrossed in internal conflicts, blame games, and allegations against each other. Deputy Patron-in-Chief Zubair Chayya said that 40% of employees have become unemployed, and the business community is disappointed. Further, new investors are hesitant due to the prevailing uncertainty. The country is experiencing the plight of capital, the workforce and intelligent people. Pakistan's currency in the region is counted as the worst currency.
Zubair Chayya said that the business community is ready to cooperate with the government for the development of the economy and stability.
Senior Vice President Nighat Awan, former presidents Saleem-uz-Zaman, Danish Khan, Sheikh Umar Rehan, Sheikh Fazal-e-Jalil, UBG leader Malik Khuda Baksh and others were also present.
Copyright Business Recorder, 2023