Global Rice News

Korangi Association of Trade and Industry (KATI) President, Faraz-ur-Rahman, called on the government to prioritize addressing the challenges that the export sector is facing. In a series of successful meetings with various trade bodies, Faraz emphasized that resolving these challenges would enable the sector to contribute significantly to the country’s economy.

One of the key issues highlighted by Faraz was the need to provide accessible loans to exporters. He explained that this could greatly enhance the export sector, but the high interest rate of 22% posed a major obstacle to business and investment development. Faraz pointed out that private sector loans had declined by over 290% from July to October this year compared to the same period last year. This decline, along with a 5% decrease in exports from July to September, is concerning and emphasizes the urgent need for a surge in exports.

Faraz stressed the essential role of the business sector in overcoming the current economic crisis and called on the government to prioritize reducing the high cost of doing business. He emphasized the importance of creating a business-friendly environment to promote economic development and prosperity in the country. Faraz also expressed his commitment to unite the entire trader community on a single platform to navigate Pakistan through its economic challenges.

In his mission, Faraz highlighted the significance of integrating young entrepreneurs across various economic sectors. He believed that by nurturing and promoting young business leaders, Pakistan can witness substantial achievements in both local and global markets. Faraz engaged in discussions with the Islamabad Chamber of Commerce and Industry (ICCI) to address the challenges faced by the business community. He assured that KATI would actively collaborate with ICCI to safeguard the interests of businessmen and industrialists.

During the meeting, notable attendees included Atif Ikram Sheikh, the nominated UBG candidate for the federation’s presidency, and Rizwana Asif, the president of the Islamabad Women’s Chamber of Commerce and Industry, along with other prominent businessmen from the city.

Overall, Faraz-ur-Rahman’s efforts to prioritize the export sector and address its challenges demonstrate his commitment to steer Pakistan’s economy towards sustainable development and prosperity.

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