Industrialists call for cost controls, policy reforms

Stress urgency of collaborative efforts, support measures for sustainable growth

KARACHI:

Navigating the industrial landscape of Karachi, coupled with economic challenges, industrialists and exporters are urging the government to lower energy costs and control bank interest rates. The Express Tribune reached out to industry experts to glean insights into the vital measures required to lead local industries away from the current crises.

The industry leaders highlighted a pressing need for collaborative efforts and targeted support measures to maximise industries' impact on overall economic well-being. These efforts are seen as essential components in navigating through the turbulent times.

As part of their multifaceted plea, industry representatives underscore the importance of policy reforms. They believe that creating an environment conducive to the ease of doing business is crucial for businesses to thrive. Simultaneously, infrastructure development is flagged as a priority to ensure reliable services for sustained industrial operations.

Financial assistance emerges as another key pillar in the industries' call for support. The alleviation of economic burdens, coupled with skill development programmes to enhance workforce capabilities, is deemed essential to strengthen the backbone of these industries.

Moreover, the industries stress the need for collaborative efforts with the government. Trade facilitation measures are considered integral to improving global competitiveness. Industry leaders emphasised that this comprehensive support is not a luxury but a necessity, fostering an environment that enables sustainable growth not only in Karachi but across the country.

Read: No shortcuts to sustainable growth

In the face of these economic challenges, Landhi Association of Trade and Industry President, Siraj S Monnoo, called for collaborative support to sustain Karachi's industries. Monnoo painted a stark picture of the current economic scenario, labelling it a formidable challenge for many industries. Higher gas tariffs, soaring business costs, and record inflation have converged, posing a threat to the viability of businesses. Monnoo underscored the undeniable impact on profitability, prompting the need for strategic measures to ensure sustainability during these trying times.

Speaking on the importance of attracting foreign investments, he mentioned it has long been seen as a beacon of hope for economic growth. However, he raises concerns about the government's approach to fixing the pressing problems faced by local industries and exporters. The current economic challenges demand urgent attention and a more cooperative government approach. Monnoo suggests that by prioritising the resolution of challenges faced by existing industries and adopting a more considerate stance, the government can ensure the sustainability of local businesses and create a conducive environment that attracts foreign investments.

Supporting industries in Karachi undoubtedly plays a pivotal role in addressing economic challenges, said Monnoo. He stressed the need for a holistic strategy, encompassing effective governance, policy reforms, and targeted investments for comprehensive economic improvement. Monnoo concluded that the economic challenges faced by Karachi's industries necessitate a collaborative and considerate approach from both the government and other stakeholders.

Published in The Express Tribune, December 6^th, 2023.

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