Karachi: Sheikh Umer Rehan, former President of the Korangi Association of Trade and Industry (KATI), has underscored the indispensable need for an industrial revolution and a shift towards self-reliance in manufacturing “Made in Pakistan” products. Speaking at a meeting with industrialists in the Korangi Industrial Area, Rehan highlighted the urgency of establishing public-private export processing zones nationwide and the formulation of well-defined regulations under the Ministry of Law.
Rehan proposed the allocation of cost-effective land to industrialists as a catalyst for domestic industrialization. “Our country possesses abundant talent and resources that can yield remarkable benefits if utilized effectively,” he asserted. He lamented the decline in local industries due to the import of raw materials, which has hampered the growth of the sector. Comparing Pakistan’s export processing zones to those in other countries, Rehan stressed the need for expansion and enhancement.
Addressing the current economic challenges, Rehan stated that the industry is confronting unprecedented difficulties, accentuated by the ongoing economic crisis. He emphasized the necessity of policy continuity for reinstating investor confidence and attracting both local and foreign investments. Rehan further urged diversification beyond traditional exports, recommending the exploration of new products to augment economic growth.
“Collaboration with China presents an opportunity to boost fruit and vegetable exports through increased production,” Rehan noted. He lamented the adverse impact of the recent economic downturn on industries, leading to numerous closures due to issues related to Letters of Credit (LCs).
In his call for stability and consistency, Rehan endorsed the adoption of a Charter of Economy. He emphasized the importance of reducing import dependence and boosting exports. Rehan urged the government to foster industry-friendly policies, streamline business processes, and promote local production to mitigate unemployment. By creating an environment conducive to small and medium enterprises, Rehan believes that trade can flourish, leading to reduced unemployment rates. He urged the government to facilitate stakeholder collaboration to overcome obstacles collectively.
As Pakistan navigates economic challenges, Sheikh Umar Rehan’s impassioned plea for an industrial resurgence and self-sufficiency in manufacturing highlights the potential to reinvigorate the nation’s economy, promote domestic industries, and establish a stable economic future.
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