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KATI urges urgent measures for economic recovery

ISLAMABAD: Korangi Association of Trade and Industry (KATI) President Faraz-ur-Rahman on Tuesday (14th of Nov, 2023) urged the government to prioritize addressing challenges confronting the export sector.

Talking to media persons on the conclusion of his successful meetings with trade bodies here, he asserted that it would enable the sector to actively contribute to pulling the economy out of its current challenges and set it on a trajectory of sustainable development through a rapid increase in exports.

He pointed out that facilitating exporters with accessible loans could significantly enhance the export sector.

However, the prevailing 22% interest rate stood as a substantial impediment to business and investment development, he added.

Faraz said this obstacle was evident in the more than 290% decline in private sector loans from July to October this year compared to the same period last year.

Pakistan’s exports witnessed a 5% decline from July to September this year compared to the previous year, a discouraging trend amid economic recovery efforts, he said stressing the imperative for a significant surge in exports.

Emphasizing the pivotal role of the business sector in steering the economy out of the current crisis, he underscored the necessity for the government to prioritize reducing the high cost of doing business.

He underlined the need to create a business-friendly environment to foster economic development and prosperity in the country by promoting business activities more effectively.

He committed to consolidating the entire trader community on a unified platform to navigate Pakistan through its current economic challenges.

In elucidating his mission, Faraz underscored the significance of integrating young entrepreneurs across diverse economic sectors, foreseeing substantial achievements not only in local markets but also on the global stage.

He emphasized the imperative to nurture and promote young business leaders, harnessing their untapped potential to transform Pakistan’s economy into a success story.

He, in a recent visit to the Islamabad Chamber of Commerce and Industry, engaged in discussions with the chamber’s leadership to address the challenges encountered by the business community.

He affirmed his commitment that his association would actively collaborate with ICCI to safeguard the interests of businessmen and industrialists.

During the meeting, notable attendees included Atif Ikram Sheikh, the nominated UBG candidate for the presidency of the federation, and Rizwana Asif, the president of the Islamabad Women’s Chamber of Commerce and Industry, alongside other prominent city businessmen.