KARACHI: Notable figures including S M Tanveer, Patron-in-Chief of Korangi Association of Trade and Industry (KATI) and caretaker Minister of Commerce and Industries Punjab, called for united efforts to overcome the prevailing economic crisis, escalating production costs, and the surging inflation rates.
The relevance of KATI’s role in fostering industrial growth was eloquently articulated during a meeting with KATI members and industrialists.
President KATI Faraz-ur-Rehman, accompanied by Deputy Patron-in-Chief Zubair Chhaya, Senior Vice President Nighat Awan, Vice President Muslim Mohammadi, and other distinguished members, gathered to discuss strategies for grappling with the current economic turmoil.
Drawing attention to the dire situation, Tanveer acknowledged the gravity of the challenges that Pakistan’s business community is confronting. With a marked decline in textile exports — the nation’s foremost exporting sector — S M Tanveer advocated for immediate action to boost cotton production, the essential raw material for textiles. Efforts aimed at ensuring a robust cotton crop this year have been steadfastly undertaken, promising a much-needed boon for the textile industry.
Attributing significant strides in industrial development to the leadership of KATI President Faraz-ur-Rehman, Patron-in-Chief Zubair Chhaya, and their committed team, Tanveer underscored Karachi’s pivotal role as the nation’s economic nucleus. Highlighting the fact the KATI plays a pivotal role in this capacity, S M Tanveer lauded the association’s dedication to facilitating economic progress.
President Faraz-ur-Rehman, in turn, lauded the exceptional contributions of S M Tanveer to the business community’s cause, expressing confidence in his leadership as a unifying force. Faraz-ur-Rehman evoked the legacy of S M Muneer, S M Tanveer's father, who played a pivotal role in steering Pakistan out of economic crises in the past. Aligning with the vision of S M Muneer, concerted steps have been initiated to address the multifaceted challenges faced by industrialists.
In the quest to extricate Pakistan from its economic quagmire, President Faraz-ur-Rehman emphasised the critical importance of directing attention to Karachi, the economic heartbeat of the nation. Drawing a causal link between controlled production costs and heightened exports, Faraz-ur-Rehman deemed the escalating inflation rate a grave concern, necessitating immediate action.
Zubair Chhaya further expanded on the economic landscape, attributing the decline in exports and surge in imports to the impacts of increased dollar valuation and interest rates, stemming from the IMF agreement. Expressing concern for the working class, Chhaya noted the strenuous circumstances they are grappling with.
While acknowledging the promising establishment of the Investment Council by the Army Chief as a potential catalyst for increased investments, Chhaya reiterated KATI’s unwavering commitment to ameliorating the challenges faced by manufacturers through its platform.
As Pakistan navigates its economic crossroads, the collective efforts of influential figures like S M Tanveer, President Faraz-ur-Rehman, and the entire KATI team emerge as beacons of hope, illuminating a path toward economic resurgence and sustained growth.
Copyright Business Recorder, 2023