KARACHI: President Korangi Association of Trade and Industry (KATI), Faraz-ur-Rehman, has announced that local authorities are nearing completion of development projects in the area.

He stated this during a meeting with Rehmatullah Sheikh, the Transaction Officer of Korangi Municipality, and Naeem Sheikh, Town Chairman. The meeting also discussed the allocation of funds received from the Korangi Industrial Area for investment in Korangi.

The president emphasised the importance of all stakeholders aligning their views on trade licenses. He also highlighted the efforts being made by local bodies to enhance the aesthetic appeal of the industrial area, particularly by beautifying its entry points.

He further noted that the Korangi Industrial Estate contributes 50% of Pakistan’s tax revenue, but the current economic situation is causing concern among industrialists, who are facing business challenges while still fulfilling their tax obligations.

He commended the work of KITE Limited, which has transformed Korangi into an exemplary industrial zone through a successful public-private partnership. Additionally, he mentioned the continued cooperation between KATI, the provincial government, and local authorities. Rehmatullah Sheikh, Transaction Officer of Korangi Municipality, acknowledged the past financial constraints faced by administrators. However, he expressed optimism about future funding prospects for Korangi, stating that municipalities worldwide generate their funds.

He also assured that steps are being taken to address the complaints of industrialists and resolve their issues.

Naeem Sheikh, Town Chairman, praised Rahmatullah Sheikh for effectively facilitating communication between the town and the industrial association. He mentioned plans for the construction of a park and a dispensary in the Union Council, adding that prompt action would be taken to address KATI’s proposals. Naeem Sheikh emphasised the goal of making Korangi an ideal and beautiful industrial zone.

Copyright Business Recorder, 2023