KARACHI – President of Korangi Association of Trade & Industry (KATI) Danish Khan, Senior Vice President Faraz-ur-Rehman and Vice President Maheen Salman expressed their concern over declining rupee’s value and increased interest rate and suggested that promotion of industrial sector is the only solution to economic crisis of the country, in a joint statement.
President KATI said that according to available numbers large scale manufacturing sector has shrink nearly 11 pc and LSM production has dipped 2.93 pc during the first nine months of current fiscal year. He said that although PM Khan took positive measures to enhance country’s exports but the results were not outstanding. “Cost of doing business and production is the root cause of lesser competitiveness of our products in international market, this should be addressed” he said.
He said that if the situation would follow the course disaster of SME and industrial sector is well anticipated. He was of view that depreciated rupee means hike in raw material prices of export oriented industry and on other hand increased interest rate will effect investment in the sector. Danish khan urged the government should provide SMEs an easy access to the power and credit, and should define it on policy level in upcoming national budget.
He also said that incentives to the exporters should benefited them directly and urged government to outline a mechanism for this. He added that promoting industry is the only way to economic growth and prosperity of Pakistan.
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