KARACHI: Federal Minister for the Board of Investment, Qaiser Ahmed Sheikh, emphasized the strategic importance of the Korangi Industrial Area, which he noted accounts for 9 percent of Pakistan's total exports. Addressing industrialists at the Korangi Association of Trade and Industry (KATI), Sheikh highlighted the challenges faced by Pakistan's economy, which remains heavily reliant on small and medium-sized enterprises (SMEs).

According to Korangi Association of Trade and Industry, Sheikh compared Pakistan's economic trajectory with China's, noting that while China had become a major global economic power, Pakistan continued to face economic hurdles. He attributed these challenges to internal divisions, a lack of a strong business-oriented culture, and political hindrances. Sheikh also expressed a desire to discuss these issues directly with Prime Minister Shehbaz Sharif, although his requests for a meeting had yet to be fulfilled.

KATI President Muhammad Ikram Rajput called for Sheikh to be assigned a key economic portfolio, citing his extensive experience in business and government. Rajput urged the government to simplify processes for acquiring land and securing necessary approvals for new industries, advocating for a one-window mechanism to facilitate investment. He also stressed the need for consistent, long-term investment policies to aid both domestic and foreign investors in planning confidently.

Additionally, Rajput highlighted the importance of addressing issues related to high energy costs and taxation to reduce production costs, thereby creating a more conducive environment for investment. He emphasized that investment should move beyond mere paperwork, advocating for a partnership approach between the government and industrialists from project approval to implementation. Other speakers at the gathering included UBG Chairman Khalid Tawab, President Zubair Tufail, former MNA Kanwar Qutbuddin, and KATI Senior Vice President Zahid Hameed.