KARACHI: Nighat Awan, Acting President, and Muslim Mohamedi, Acting Senior Vice President of the Korangi Association of Trade and Industry (KATI), praised the insightful recommendations presented by Dr Qaiser Bengali, a distinguished economist, to stimulate industrial growth.
Dr. Qaiser Bengali outlined a comprehensive set of suggestions during a meeting led by the Caretaker Minister of Commerce and Industries, Sindh, Younus Dhaga, according to a statement on Saturday. The proposals aimed at fostering industrial activities in Sindh included the establishment of new industrial zones and the provision of subsidized loans and other facilities.
The meeting, attended by Acting Senior Vice President Muslim Mohamedi as KATI's representative, witnessed the participation of numerous business personalities and other dignitaries.
Acting President Nighat Awan highlighted the importance of developing economic zones with adequate infrastructure facilities, especially given the current economic scenario. She urged the government to collaborate with the State Bank to provide special subsidized loans for the acquisition of locally manufactured machinery. This, she emphasized, would contribute to an upswing in industrial activities and offer support to local machinery manufacturers.
Nighat Awan also called for the declaration of areas adjacent to industrial zones as industrial areas, particularly to support the development of cottage industries. Furthermore, she underscored the need to reduce the current interest rate, currently around 22%, to a single-digit figure. A lower interest rate would facilitate easier access to affordable credit for industries, contributing to their growth and economic sustainability.
Muslim Mohamedi appreciated the suggestions of Dr. Qasir and said that first and foremost is to bring down the cost of doing business to make our products competitive in comparison with neighboring countries.