KATI sees devalued rupee as a threat for industry

BUSINESS

Karachi: Korangi Association of Trade & Industry (KATI) anticipated devaluation of rupee as a great threat to industrial sector in the country. In a joint statement President Tariq Malik, Senior Vice President Salman Aslam and Vice President of the Association Junaid Naqi showed deep concerns over weakening rupee. Tariq Malik said that Pakistani Rupee can only be strengthen by taking right and supportive measures for the prosperity of industrial and exports sector. Tariq Malik said that Industrialists and exporters were urging for a long term policy which helps to expend country’s exports. He noted that while industry is facing high cost of production our exporter was also didn’t able to compete in international Market. He mentioned that unnecessary imports and shortsighted policies were also contributing to the devaluation of the rupee. Tariq Malik suggested that strong industrial base, up to mark exports and expending opportunities for foreign investment can collectively fight back the challenges created by depreciation of the currency. He said that it is expected that newly elected leadership in upcoming election would consider economy of their first most priority.