KARACHI: President of the Korangi Association of Trade and Industry (KATI), Johar Qandhari, extended congratulations to successful candidates in the general elections while putting forth a strong recommendation for the new coalition government and stressed the immediate need for a concentrated focus on the economy and the prompt implementation of a long-term economic policy.

Highlighting the pivotal role of industrialization in national development, President KATI emphasized the creation of employment opportunities through a robust industrial sector. To facilitate industrial growth and investment, Qandhari called for reduction in electricity and gas prices, emphasizing the necessity of single-digit interest rates.

Qandhari pointed out that the cost of production in Pakistan is significantly higher, approximately 30% more than in neighboring regions. This cost disparity, he noted, hinders Pakistani products from competing effectively in the global market.

Infrastructure improvement for industries emerged as another key priority. President KATI urged the government to focus on the Charter of Economy and implement tax reforms as part of a comprehensive, long-term policy. Drawing a comparison with neighboring countries, Qandhari emphasized the need for consistent policies that have stood the test of time.

Expressing concerns about the frequent changes in policies every six months, Qandhari highlighted the lack of awareness among authorities and the public, hindering the effective execution of these policies. He underscored that the newly elected government has the opportunity to enhance the competitiveness of Pakistani products globally by ensuring access to affordable electricity and energy sources for industries.

As the nation awaits the formation of the new government, President Johar Qandhari’s insights shed light on critical economic aspects that could shape Pakistan’s trajectory toward sustainable development.

Copyright Business Recorder, 2024