We feel really encouraged after the meeting with the COAS, remarked one businessman, reflecting the community's renewed hope for economic stability

COAS Promises Support for Karachi Traders with Road Repairs and Tariff Cuts

We feel really encouraged after the meeting with the COAS, remarked one businessman, reflecting the community's renewed hope for economic stability.
28-09-2024- By Imtiaz Ali Abbasi 

KARACHI: Chief of Army Staff (COAS) General Syed Asim Munir has pledged to support Karachi’s business community by addressing key concerns such as road repairs and a reduction in industrial electricity tariffs. During his recent visit to the city, he engaged with local businesspersons, emphasizing the gradual recovery of Pakistan’s economy.

In a meeting that left traders optimistic, General Munir highlighted improvements in the economic landscape, noting the stabilization of the rupee-dollar exchange rate and a decrease in inflation. "We feel really encouraged after the meeting with the COAS," remarked one businessman, reflecting the community's renewed hope for economic stability.

The COAS acknowledged the critical contributions of traders and entrepreneurs to the nation’s growth and praised the support from allied countries like China, Saudi Arabia, and the UAE in Pakistan’s economic revival. He credited collaborative efforts across federal and provincial governments for countering negative narratives about the economy.

Infrastructure and Investment Initiatives

General Munir specifically addressed the dilapidated state of roads in Karachi’s industrial areas, instructing local military leadership to prioritize repairs in seven key industrial estates. He assured attendees that the Special Investment Facilitation Council (SIFC) is working diligently to attract foreign investment, with expectations of a future dollar rate of Rs250 and a reduction in interest rates to single digits.

Among the promising announcements was a potential cut in industrial power tariffs to nine cents, a longstanding request from the sector. Additionally, the army chief urged for streamlined operations, advocating for a 'one-window operation' to minimize bureaucratic hurdles for local industrialists.

Economic Security and IT Development

Reassuring traders of their security, General Munir stated, "You run the economy, and we will give protection," reinforcing the military's commitment to fostering a stable business environment. He also highlighted efforts to combat cross-border smuggling and illegal dollar outflows, which have benefitted local industries.

In a nod to technological advancement, the COAS inaugurated the Innovista Indus IT Park in the Defence Housing Authority, a space designed for freelancers, startups, and established businesses. He expressed confidence in Pakistan's potential across various sectors and emphasized the importance of collective trust in the country's future.

The meeting culminated in positive feedback from the business community regarding the SIFC's role in promoting economic growth, as General Munir encouraged continued collaboration to enhance exports and further bolster the economy.

Conclusion

As General Munir concluded his visit, the mood among Karachi's traders was one of optimism and renewed hope, signaling a potential turning point for the region's economic landscape. The army chief's commitments to infrastructure and tariff reforms are seen as vital steps towards achieving stability and growth in Pakistan’s economy.