Alvi lauds COAS, caretakers over efforts to bring in foreign investment

President Dr Arif Alvi on Saturday emphasised the commendable efforts of the current caretaker federal government and Chief of Army Staff (COAS) General Syed Asim Munir in their pursuit of attracting foreign investment through joint-ventures to strengthen Pakistan's economy.

Alvi, whose Pakistan Tehreek-e-Insaf (PTI) is at loggerheads with the country’s powerful circles over May 9 riots, emphasised that with these effective decision-making by the army chief and the interim government, the country was moving towards economic stability.

In a firm commitment to safeguard Pakistan's economic interests and enhance security, General Munir had announced in September that law enforcement actions against a wide range of illegal activities would intensify, with close collaboration between law enforcement agencies (LEAs) and government departments.

Read More: Alvi calls for ‘forgiveness’ ahead of polls

Speaking at the 15th Rice Exporters Association of Pakistan (REAP) Recognition Ceremony, held at a local hotel in Karachi and attended by Sindh Governor Mohammed Kamran Khan Tessori, President Alvi lauded the business community for its potential to fortify Pakistan's economy. He underlined the untapped potential of the nation, which could flourish with responsible actions.

President Alvi congratulated REAP on its remarkable journey, transforming exports from $300 million to an impressive $3 billion. He encouraged REAP members to explore joint-ventures and prioritise the development of value-added rice products.

The president praised the innovative "Biryani Festival" concept and extended an invitation for REAP to organise the festival at the President House. He also called for the revitalisation of rice research institutions to bolster Pakistan's presence in the global market.

Responding to REAP's request, President Alvi proposed the establishment of market-oriented institutions through collaboration between the government and REAP. He emphasised the importance of empowering women through employment and providing quality education to prepare the younger generation to confront the nation's challenges.

Furthermore, President Alvi condemned the ongoing brutality in Gaza.

Addressing the gathering, Sindh Governor Mohammed Kamran Khan Tessori recognised rice as the second-largest export of the country and lamented its previous lack of recognition as an industry. He commended the COAS for combatting ‘economic’ and border terrorism and noted the recent decrease in the value of the US dollar owing to these efforts.

Read More: President faces election date conundrum

Tessori expressed optimism regarding the enhancement of law and order in the country, particularly as actions were being taken against illegal immigrants. He urged the world to raise its voice against Israeli brutality and stand in support of the Palestinians.

REAP Chairman Chela Ram Kewlani emphasised the association's pivotal role in the country's economy and highlighted the international recognition of Pakistani rice as a high-quality brand. He pointed out Pakistan's significant rice production of 9 million tons, with exports reaching Europe, the Middle East, Russia, and other regions.

Kewlani urged the president to officially designate rice as an industry and voiced concerns about the Minimum Export Price (MEP) of rice, which could potentially hinder exports. He also called for the establishment of a Rice Research institution to further enhance opportunities for export growth.

The president and Sindh governor later presented awards and trophies to honour the top rice exporters.