Business

Gas crisis for Karachi’s industry to be resolved

Alvi calls for higher participation of women in business activities

Our Correspondent December 30, 2021

Oil and Gas Regulatory Authority allowed SNGPL and SSGC to recover up to 6.3% UFG losses from consumers. photo: file

KARACHI:

The issue of gas crises, being faced by the business community of Karachi, will be addressed by the government and it will be resolved on a priority basis to aid the overall economy, assured President Arif Alvi.

During his visit to the Karachi Chamber of Commerce and Industries (KCCI) on Wednesday, he said that participation of women in business activities of Pakistan should increase.

He also informed the businessmen that the K-IV water pipeline project for Karachi will be completed by December 2023 and termed it necessary for the business community and common people of the port city.

During his visit to Karachi, the president met several entrepreneurs and startup founders.

In a meeting with Bookme CEO Faizan Aslam, he highlighted that startups were important for creating an impact on the economy and the technology sector of the country.

“There is existential nature of competition in the economy and it can be covered by reducing imports,” said Aslam in a discussion with Alvi. “We are encouraged by the way our government is showing interest in developing startups of Pakistan and taking measures to support e-commerce and technology sectors.”

According to him, the measures would prove beneficial for entrepreneurs and they would eventually aid Pakistan’s economic growth.

The year 2021 proved to be exceptional for Pakistani startups as the sector boomed and raised substantial investment. Bookme, an e-commerce solution firm for booking of tickets, raised hefty investment.

Another startup Healthwire closed $3.3 million funding round. The round drew participation from 47 ventures.

Overall, startups bagged around $300 million in funding from investors this year and majority of the amount came from foreign investors.

Bringing foreign currency in the country can help uplift the economy.

Published in The Express Tribune, December 30^th, 2021.

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