A World Bank Group's Mission on Trade & Competitiveness, led by its Operation Officer, Amjad Bashir, visited Karachi Chamber of Commerce and Industry on Wednesday to seek the business community's input on the overall investment climate of Sindh, particularly industrial zones in Karachi. President KCCI Younus Muhammad Bashir, Senior Vice-President Zia Ahmed Khan, Vice-President Muhammad Naeem Sharif, World Bank Operations Analyst Reshma Aftab, World Bank Associate Operations Officer Saima Zuberi and KCCI Managing Committee members were present in the meeting.
Amjad Bashir, while highlighting the purpose of the WB Mission's visit, said that Sindh government had requested the World Bank Group on Trade & Competitiveness to carry out a detailed study and accordingly give guidelines on how to improve the overall industrial climate of the province. He said that the World Bank mission's study had just begun and it would continue visiting KCCI to take feedback on numerous issues. "We decided to hold the first meeting with the representatives of the Karachi Chamber as we felt it necessary to initially take the chamber's input on problems being faced by businesspeople and industrialists of Karachi," he added.
After listening to the problems highlighted by the KCCI President, the WB representative assured to prepare guidelines on improving the investment climate in light of the problems highlighted and recommendations given by the Karachi Chamber. He said that the study would be focusing on identifying investment barriers, problems of doing business, company registration, access to land & construction issues, level of facilitation, job creation, infrastructure, resource mobilisation and legal framework for contract enforcement for foreign investors, which was very essential as no businessman would like to go for litigation.
The study would also be reviewing the condition of common facilities including labs and effluent water treatment plants, besides focusing on the SMEs, their access to finance and taxation issues being faced by them, he added. Earlier, welcoming the World Bank's Mission, the KCCI President said that the chamber, being the largest chamber of the country, had a more diverse scope which included efforts to promote inward foreign investment, facilitate investors, business match-making, identifying investment and trade opportunities and creating awareness. "KCCI is also playing a significant and vibrant role, aiming to promote a stable business-friendly economic environment in Pakistan, and particularly in Karachi, with a clear objective to increase exports, enhance opportunities of investment, and increase capital inflows," he added.
While highlighting some of the most pressing issues being faced by the businessmen and industrialists of Karachi, he expressed concern poor infrastructure in all seven industrial zones of Karachi. He pointed out that water, electricity and gas shortages were some of the serious issues being faced by industrialists and required immediate attention.
He suggested that Sindh government should invest on improving Karachi's water distribution network, sewerage lines and road network, which were in a dilapidated state. The department of Fire Brigade also needed government's attention and funding for up-gradation, he added. Commenting on China Pakistan Economic Corridor, he said that the project was likely to have a positive impact on the overall economic performance of Pakistan.-PR