KARACHI: Korangi Association of Trade and Industry (KATI) has proposed the adoption of a “Charter of Karachi” aimed at bringing together key stakeholders to revive the city’s economy and provide immediate relief to small and medium enterprises (SMEs) and traders.
KATI’s leadership emphasised that Karachi’s economic stability is essential for Pakistan’s overall progress.
KATI President Junaid Naqi and Deputy Patron-in-Chief Zubair Chhaya led a delegation to congratulate the newly-elected leadership of the Karachi Chamber of Commerce and Industry (KCCI), including President Javed Balwani, Senior Vice President Zia-ul-Arfeen and Vice President Faisal Khalil, on their electoral success.
The KATI delegation also included Vice President Tariq Hussain and former presidents Masood Naqi, Johar Qandhari, Ehtisham Uddin, Rashid Siddiqui, Farukh Mazhar, Danish Khan, Saleem-uz-Zaman and others.
During the meeting, Junaid Naqi highlighted the importance of prioritizing Karachi, calling it the “economic hub” of Pakistan.
He noted that the city’s neglect in recent years has negatively impacted national exports, leading to economic instability.
“To achieve economic stability, the business community, town associations, and government must come together under the Charter of Karachi,” Naqi said.
He added that although there are some encouraging developments, such as potential reductions in interest rates and energy tariffs, these benefits have yet to reach small businesses.
“The majority of KCCI members are connected to small and medium trades. Unless these improvements filter down to them, economic recovery will remain incomplete,” Naqi stressed. He urged for swift action to provide grassroots relief and support to small traders.
Deputy Patron-in-Chief Zubair Chhaya echoed Naqi’s sentiments, pointing out that Karachi generates more than 65% of Pakistan’s revenue and must be stabilized for the country's economic growth.
“Resolving the city’s infrastructure issues, excessive utility bills, water and sewage problems, and reducing harassment from government agencies and street crime are essential steps,” Chhaya said.
He further announced that KATI would bring all stakeholders, including the government and business community, together to build consensus on the Charter of Karachi. “Through collective action, we can reduce dependency on imports, boost exports, and strengthen foreign exchange reserves,” Chhaya added.
Chhaya also praised Javed Balwani, calling him a fearless leader committed to advocating for the business community.
“We have high hopes that under his leadership, the KCCI will spearhead efforts to resolve the challenges faced by traders and industrialists,” he said.
In response, KCCI President Javed Balwani thanked the KATI delegation for their support and assured them that KCCI would work tirelessly to unite stakeholders and address pressing issues.
“The Charter of Karachi will help align efforts towards strengthening the business environment,” Balwani said.
Copyright Business Recorder, 2024
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