Karachi: Mian Zahid Hussain, a leading figure in Pakistan's business community, has urged the Prime Minister to announce an "Industrial Package" to prevent a collapse in the nation's manufacturing sector. He also expressed sorrow over the recent Gul Plaza fire in Karachi, which resulted in fatalities and left numerous small traders without livelihoods.
According to Pakistan Businessmen and Intellectuals Forum, Hussain, who holds multiple leadership positions including President of the forum, emphasized the urgent need for government intervention to stabilize the industry. He highlighted the discrepancy in electricity tariffs, where industrial consumers are charged rates significantly higher than promised, impacting export competitiveness against regional competitors such as India, Bangladesh, and Vietnam.
Hussain also pointed out the declining inflation rate, which contrasts with the current policy rate of 10.5%, advocating for a reduction to stimulate private sector growth. He noted the closure of over 150 textile spinning units in the past two years, leading to increased unemployment.
On international affairs, Hussain remarked on the diplomatic opportunity presented by U.S. President Donald Trump's invitation to Prime Minister Shehbaz Sharif to join the "Board of Peace" for Gaza. He stressed that Pakistan's economic stability is crucial for maintaining its diplomatic influence.
Hussain concluded by urging the Prime Minister to address de-industrialization and capital flight, calling for reduced industrial income tax and a rationalized energy pricing model to regain business community confidence.
The post Mian Zahid Hussain Calls for “Industrial Package” Amid Economic Challenges; Mourns Gul Plaza Fire Victims appeared first on Pakistan Business News.