Korangi Industrial Area accounts for 9pc of total exports: Qaiser

Karachi - Federal Minister Qaiser Ahmed Sheikh revealed that the Korangi Industrial Area contributes 9 percent of Pakistan's total exports, highlighting its critical role in the nation's economy. During a meeting with industrialists at the Korangi Association of Trade and Industry (KATI), Sheikh praised the entrepreneurial spirit of Pakistan's business community, noting that China initially learned from Pakistan's business acumen during the country's early economic development stages.

However, he acknowledged that China has since grown into the world's second-largest economy while Pakistan continues to grapple with economic hurdles.

Sheikh pointed out that while numerous people in China have built successful businesses and contributed to the nation's economic growth, only a select few in Pakistan have managed to become prosperous industrialists and entrepreneurs. He attributed part of the problem to internal divisions and a lack of a robust business-oriented culture, as well as political disagreements that have impeded economic advancement.

Sheikh emphasized the need for greater support and policy measures to assist Pakistan's small and medium-sized enterprises (SMEs), which form the backbone of the country's economy.

The federal minister highlighted China's recognition of Chief of Army Staff Field Marshal Asim Munir as an accomplished diplomat and suggested that Pakistan could benefit from leveraging its diplomatic strengths. Despite serving as a federal minister, Sheikh disclosed that he had never received a salary or government perks, having instead paid taxes equivalent to millions of rupees from his own business ventures.

He repeatedly requested a meeting with Prime Minister Shehbaz Sharif to discuss the issues facing the business community but has yet to receive a scheduled appointment. Sheikh expressed his desire to dialogue with the prime minister about the obstacles hindering industrial growth and investment directly.

Sheikh questioned why Pakistan's exports have remained stagnant around USD30 billion for several years, whereas other countries in the region have seen significantly higher export figures. He stressed the urgency of expanding Pakistan's export base to boost economic growth. KATI President Muhammad Ikram Rajput called for the government to assign Sheikh an important portfolio related to economic affairs, citing his extensive experience as a successful businessman and his deep understanding of the challenges confronting the economy, investment, and industry.

Rajput noted that Sheikh has served in several capacities, including as a member of the National Assembly during multiple terms, as federal minister for maritime affairs, and currently as the federal minister in charge of the Board of Investment.

Rajput urged the government to streamline the processes for acquiring land, verifying ownership, obtaining no-objection certificates (NOCs), and securing approvals from various departments for new industries and investors through a streamlined "one-window" mechanism. He advocated for prioritizing the resolution of issues related to high energy costs, taxation, and tax refunds to lower industrial production expenses and foster a more investor-friendly environment in Pakistan.