To bolster economic improvement and address prevailing challenges, industry experts have highlighted the crucial role of promoting the cottage industry and harnessing mineral reserves. The remarks were made during a gathering at the Korangi Association of Trade and Industry (KATI), where prominent figures including President KATI Faraz-ur-Rehman and Caretaker Minister of Finance, Revenue and Planning and Development Muhammad Younus Dagha Sindh Younis Dhaga emphasised the potential avenues for economic progress.
The event saw the presence of key figures, including former President and Chairman of the Standing Committee Masood Naqi, Senior Vice President Nighat Awan, Vice President Muslim Mohamedi, former Chairman and Presidents Farhan-ur-Rehman, Saleem-uz-Zaman, Sheikh Umar Rehan, Syed Farrukh Mazhar, and others from the industry.
Caretaker Minister Younis Dhaga highlighted the untapped potential of mineral reserves in Pakistan, stating that their exploitation could play a pivotal role in eliminating the Circular Debt burdening the nation’s economy. Dhaga called for collaborative efforts between federal and provincial governments to seize these opportunities for the collective benefit.
Dagha also addressed the K4 project, a venture requiring an investment of 6 billion, expressing optimism that the project could be completed by December 2024 with timely financial support. He recognised the challenges faced by the Caretaker Government in executing long-term projects. He affirmed the directive from the Caretaker Chief Minister of Sindh to prioritise resolving business community challenges and facilitating their endeavours.
President KATI, Faraz-ur-Rehman, underscored the significance of advancing the cottage industry to enhance economic conditions. He stressed the need to revive the Mehran cottage industry adjacent to Korangi, describing it as the backbone of the industrial area.
“Promoting the cottage industry is indispensable for economic improvement,” President Rehman remarked. He further urged immediate steps to upgrade the Korangi industrial area’s infrastructure, with industrialists’ active involvement in development projects aimed at maintaining a clean and environmentally friendly industrial zone.
Masood Naqi emphasised the need for special economic zones in Karachi and called for provisions of affordable electricity, gas, and other essential utilities to boost export prospects. He underlined that the rising production costs due to increasing energy prices have exacerbated the economic situation.
As discussions unfolded, industry leaders highlighted the urgency of addressing water shortages in the Korangi industrial area, a challenge forcing industries to purchase water at significant costs.
In recognition of their contributions and insights, KATI President Faraz-ur-Rehman presented a shield to Caretaker Provincial Minister Younis Dhaga, along with other notable figures, including Masood Naqi, Nighat Awan, Muslim Mohamedi, Sheikh Umear Rehan, and Syed Farukh Mazher.
The gathering shed light on the intertwined prospects of promoting the cottage industry and harnessing mineral resources, serving as potential drivers for economic revitalisation and growth. It also highlighted the need for collaborative efforts between industry players and government entities to collectively address challenges and pave the way for a prosperous economic future.
Photo Caption: KATI President Faraz-ur-Rehman presenting a shield to Caretaker Provincial Minister of Finance, Revenue and Planning and Development Muhammad Younus Dagha.
Masood Naqi, Nighat Awan, Muslim Mohamedi Sheikh Umar Rehan and Syed Farukh Mazher were also present.
