Korangi Association of Trade and Industry (KATI) President Faraz-ur-Rahman on Tuesday urged the government to prioritize addressing challenges confronting the export sector.
Talking to media persons on the conclusion of his successful meetings with trade bodies here, he asserted that it would enable the sector to actively contribute to pulling the economy out of its current challenges and set it on a trajectory of sustainable devel-opment through a rapid increase in exports. He pointed out that facilitating exporters with accessible loans could significantly enhance the export sector. However, the prevailing 22% interest rate stood as a substantial impediment to business and investment development, he added. Faraz said this obstacle was evident in the more than 290% decline in private sector loans from July to October this year compared to the same period last year. Pakistans exports witnessed a 5% decline from July to September this year compared to the previous year, a discouraging trend amid economic recovery efforts, he said stressing the imperative for a significant surge in exports. Emphasizing the pivotal role of the business sector in steering the economy out of the current crisis, he underscored the necessity for the government to prioritize reducing the high cost of doing business. He underlined the need to create a business-friendly environment to foster economic development and prosperity in the country by promoting business activities more effectively.
He committed to consolidating the entire trader community on a unified platform to navigate Pakistan through its current economic challenges. In elucidating his mission, Faraz underscored the significance of integrating young entrepreneurs across diverse economic sectors, foreseeing substantial achievements not only in local markets but also on the global stage.
