KARACHI: President of the Korangi Association of Trade and Industry (KATI), Johar Qandhari has lauded Federal Finance Minister Aurangzeb announcement regarding the formulation of a three-year economic policy.

This move has been warmly welcomed by the business community, particularly KATI, which has long advocated for the establishment of a comprehensive economic strategy to drive a long-term investment in the country.

Qandhari emphasised the importance of implementing reforms within the Federal Board of Revenue (FBR), expanding the tax net, and fostering industrial growth to propel Pakistan towards rapid development.

He stressed the need to reduce the cost of production to enhance the competitiveness of Pakistani products in the global market.

Additionally, Qandhari urged the government to alleviate the tax burden on existing taxpayers by incorporating tax defaulters into the tax net.

The KATI president highlighted the adverse effects of maintaining the highest interest rates in the region, citing various survey reports and government acknowledgments.

He underscored the urgency of reducing interest rates to stimulate economic growth and investment.

Qandhari reaffirmed KATI commitment to support government initiatives aimed at fostering a conducive business environment and driving sustainable growth.

Copyright Business Recorder, 2024