President of Korangi Association of Trade & Industry (KATI) Saleem-uz-Zaman has termed the increase in foreign remittance encouraging for the country and urged the government to take the initiative to attract investment in the industrial sector.

He said that the historic rise in foreign remittance results from the ease in transfer and investment schemes for overseas Pakistani. If the government would make procedures smooth and provide relaxation in taxation for industry, the volume of investment can increase in the industrial sector. He said that only the industrial sector could assure enough jobs and sustainable economic growth of the country.

President KATI said that PM Khan has taken many timely decisions to continue industrial production and provided a financial stimulus to the industry; this policy should persist as the crisis is not yet over. He urged more initiatives for SMEs sector as the sustainable development of industry depends on small and medium enterprises’ economic health.

President KATI Saleem-uz-Zaman further said that we welcome the deal with IMF. However, we also hope that this would not influence government financial policy, especially industries’ issues. He noted that any action causing an increase in production cost would severely affect the industry and exports as well.