KATI applauds finance minister’s commitment to formulate economic policy

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The President of the Korangi Association of Trade and Industry (KATI), Johar Qandhari, has expressed appreciation for Federal Finance Minister Muhammad Aurangzeb’s announcement regarding formulating a three-year economic policy. This move has been warmly welcomed by the business community, particularly KATI, which has long advocated establishing a comprehensive financial strategy to drive long-term investment in the country.

Qandhari emphasised the importance of implementing reforms within the Federal Board of Revenue (FBR), expanding the tax net, and fostering industrial growth to propel Pakistan towards rapid development. He stressed the need to reduce the cost of production to enhance the competitiveness of Pakistani products in the global market.

Additionally, Qandhari urged the government to alleviate the tax burden on existing taxpayers by incorporating tax defaulters into the tax net.

The KATI president highlighted the adverse effects of maintaining the highest interest rates in the region, citing various survey reports and government acknowledgements. He underscored the urgency of reducing interest rates to stimulate economic growth and investment.

Looking ahead, Qandhari expressed hope that the Finance Minister would collaborate with stakeholders to formulate a budget that addresses industry concerns and sets Pakistan on the path to economic recovery and development. He reaffirmed KATI’s commitment to supporting government initiatives to foster a conducive business environment and drive sustainable growth.

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