Governor Sindh Kamran Khan Tessori urged businessmen and industrialists to prepare long-term economic plans and policies for sustainable economic development. Speaking as a chief guest at the Federal B Area Association of Trade and Industry (FBATI) here on Tuesday, he said that stakeholders from the private sector should suggest 20-year policies for enhancing exports, industrial production and regional trade with neighbouring and friendly countries.

The country’s socio-economic situation is challenging. He said that our next generation will only be able to handle the future properly if we address it now. Urgent issues and long-term economic plans should be resolved immediately.

We have various industrial issues and must resolve them with a definite solution to lead our journey towards economic development. Apart from financial stability, our country needs to be stable in terms of security. At the same time, the Governor said an empowered and effective local bodies system is required to address public issues related to infrastructure and essential utilities.

He pledges to personally raise the concerns of industrialists with Prime Minister Shahbaz Sharif, demonstrating his commitment to their cause.

FBATI President Syed Raza Hussain warned that industries in Karachi are facing a multitude of challenges, which could potentially lead to their closure.

Electricity prices have skyrocketed in recent months as Karachi consumers are being charged heavily for the FCA compared to other cities. The pending incremental benefit of Rs. 33 billion has not been passed on to Karachi industries due to disagreement between the power utility and regulator, he added. This power subsidy will give Karachi’s industries a great sigh of relief.

President FBATI added that the water is unavailable in different industrial zones, fueling the fire. The provincial government also introduced taxes on subsoil water, which further increased production costs.