Major industrial zone announced for Karachi

Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz has announced a new industrial zone spread over a whopping 10,000 acres for Karachi, which will be aligned with international standards.

During his visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday, the minister said if his vision of a 10,000-acre new industrial zone in Karachi materialised and exports were taken to $100 billion in the next five years, it would create 3 million new jobs in Karachi alone.

At the same time, the business community has the opportunity to significantly increase its earnings by actively contributing to the government’s economic targets. This is seen as a situation where everyone can benefit. The speaker fully supports involving top economists as advisors to the FPCCI (Federation of Pakistan Chambers of Commerce and Industry) to create policy recommendations.

He raised concerns about various issues in Pakistan’s economy, including the trade deficit, depreciation of the rupee, a low number of active tax return filers, problems in Afghan transit trade, dependence on external financing, and the limited involvement of the business community in the policymaking process.

Speaking on the occasion, Punjab Caretaker Minister of Commerce SM Tanveer stressed that the FPCCI should establish a credible, functioning and productive research and development structure, so that federal and provincial governments could incorporate its recommendations into budgetary, industrial, trade, agricultural, monetary, taxation, SMEs and infrastructure development policies.

FPCCI President Atif Ikram Sheikh said the FPCCI had decided to support reform initiatives of the commerce minister vis-a-vis export target of $100 billion in five years, documentation of the economy and stabilising the rupee-dollar parity.

He mentioned that the FPCCI plans to unveil its research and development framework within the next 10 days, aiming to transform the trade organization into a primary advisory body for the government.

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Atif Ikram Sheikh suggested that the business community should actively work towards boosting Pakistan’s exports by competing efficiently, organizing exhibitions exclusively for key export destinations, diversifying the range of exported goods, and establishing an effective communication and advisory channel with the government.

He highlighted the approval of a 9 cents per kilowatt-hour (kWh) tariff for export-focused industries, facilitated by the Special Investment Facilitation Council (SIFC), as a significant accomplishment.