Economic improvement: Experts highlight role of cottage industry, mineral reserves

KARACHI: In a bid to bolster economic improvement and address prevailing challenges, industry experts have highlighted the crucial role of promoting the cottage industry and harnessing mineral reserves.

The remarks were made during a meeting of Korangi Association of Trade and Industry (KATI), where prominent figures including President KATI Faraz-ur-Rehman and Caretaker Provincial Minister Younis Dagha emphasized the potential avenues for economic progress.

The event saw the presence of key figures including former President and Chairman of the Standing Committee Masood Naqi, Senior Vice President Nighat Awan, Vice President Muslim Muhammedi, former Chairman and Presidents Farhan-ur-Rehman, Saleem-uz-Zaman, Sheikh Umar Rehan, Syed Farrukh Mazhar, and others from the industry.

Caretaker Minister Younis Dhaga highlighted the untapped potential of mineral reserves in Pakistan, stating that their exploitation could play a pivotal role in eliminating the Circular Debt that has been burdening the nation's economy. Dhaga called for collaborative efforts between federal and provincial governments to seize these opportunities for the collective benefit.

Dhaga also addressed the K4 project, a venture requiring an investment of 6 billion, expressing optimism that with timely financial support, the project could be completed by December 2024. He recognized the challenges faced by the Caretaker Government in executing long-term projects and affirmed the directive from the Caretaker Chief Minister of Sindh to prioritize resolving business community challenges and facilitating their endeavors.

President KATI, Faraz-ur-Rehman, underscored the significance of advancing the cottage industry to enhance economic conditions. He stressed the need to revive the Mehran cottage industry adjacent to Korangi, describing it as the backbone of the industrial area.

"The promotion of the cottage industry is indispensable for economic improvement," President Rehman remarked. He further urged immediate steps to upgrade the infrastructure in the Korangi industrial area, with active involvement from industrialists in development projects aimed at maintaining a clean and environmentally friendly industrial zone.

Masood Naqi emphasized the need for special economic zones in Karachi and called for provisions of affordable electricity, gas, and other essential utilities to boost export prospects. He underlined that the rising costs of production due to increasing energy prices have exacerbated the economic situation.

As discussions unfolded, industry leaders highlighted the urgency of addressing water shortages in the Korangi industrial area, a challenge that has been forcing industries to purchase water at significant costs.

In recognition of their contributions and insights, KATI President Faraz-ur-Rehman presented a shield to Caretaker Provincial Minister Younis Dhaga, along with other notable figures including Masood Naqi, Nighat Awan, Muslim Muhammedi, Sheikh Umer Rehan, and Syed Farrukh Mazhar.

The gathering shed light on the intertwined prospects of promoting the cottage industry and harnessing mineral resources, serving as potential drivers for economic revitalization and growth. It also highlighted the need for collaborative efforts between industry players and government entities to collectively address challenges and pave the way for a prosperous economic future.

Copyright Business Recorder, 2023