Korangi Industrial Area accounts for 9pc of total exports: Qaiser

KARACHI: Federal Minister, Board of Investment (BOI) Qaiser Ahmed Sheikh has said that the Korangi Industrial Area accounts for 9 percent of Pakistan’s total exports, underscoring the strategic importance of the industrial zone to the country’s economy.

Addressing industrialists at the Korangi Association of Trade and Industry (KATI), the federal minister said Pakistan’s business community had historically demonstrated significant entrepreneurial potential, noting that China had learned from Pakistan’s business community in the early stages of its economic development.

However, he said China had since emerged as the world’s second-largest economy while Pakistan continued to struggle with economic challenges.

The minister said China had become a major global economic power, with people across the country engaged in businesses and contributing to economic growth.

In contrast, he said, only a limited number of people in Pakistan had managed to establish themselves as successful industrialists and businessmen.

He attributed part of the challenge to internal divisions and difficulties in developing a strong business-oriented culture, adding that political divisions had also hindered economic progress.

He said Pakistan’s economy was largely dependent on small and medium-sized enterprises (SMEs), which required greater policy attention and support.

Qaiser Sheikh said the world had recognised Chief of Army Staff Field Marshal Asim Munir as an effective diplomat and Pakistan should benefit from this diplomatic strength.

He said that, despite serving as a federal minister, he had never received a salary or government perks, while he had paid taxes amounting to millions of rupees from his own business.

The federal minister said he had repeatedly sought a meeting with Prime Minister Shehbaz Sharif to brief him on the problems being faced by the business community, but had yet to receive an appointment.

He said he wanted to discuss the obstacles hindering industrial growth and investment directly with the prime minister.

Qaiser Ahmed Sheikh questioned why Pakistan’s exports had remained around USD30 billion for several years while other countries in the region were exporting several times more.

He stressed the need for greater focus on expanding the country’s export base.

KATI President Muhammad Ikram Rajput urged the government to assign Federal Minister Qaiser Ahmed Sheikh an important portfolio relating to economic affairs, saying that he was a successful businessman with more than five decades of experience and had an in-depth understanding of the challenges confronting the economy, investment and industry.

Rajput said Qaiser Sheikh had practical experience in business, parliamentary politics and government affairs.

He had served as a member of the National Assembly during several terms, held the portfolio of federal minister for maritime affairs and was now serving as the federal minister responsible for the Board of Investment.

The KATI president said the government should simplify the process of acquiring land, verifying ownership, obtaining no-objection certificates (NOCs) and securing approvals from various departments for new industries and investors through a one-window mechanism.

He called for the priority resolution of issues relating to high energy costs, taxation and tax refunds to reduce industrial production costs and create a more conducive environment for new investment in Pakistan.

Copyright Business Recorder, 2026