KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) hosted the “My Karachi Climate Matters” conference at the Expo Centre, emphasizing urgent measures to mitigate the impacts of climate change in Pakistan.
Key Highlights from Federal Minister’s Address
Federal Minister for Investment, Qaiser Ahmed Sheikh, addressed the conference as the chief guest. He highlighted the disproportionate impact of global warming on Pakistan, noting that while the country contributes less than 0.5% to global carbon emissions, it remains highly vulnerable to natural disasters such as earthquakes, smog, and devastating floods.
The Plastic Waste Crisis
The Minister raised concerns over the rising use of plastic, which is severely damaging the environment. He pointed out that Pakistan has struggled to properly recycle or dump plastic waste, whereas other parts of the world are already utilizing recycled plastic for road construction. He stressed that global diligence is required to tackle this environmental hazard.
Economic Reforms and Industrial Incentives
Linking the economy with environmental responsibility, Mr. Sheikh noted that industries are a major contributor to climate change and must lead the transition to “green” practices. To encourage industrial growth and foreign direct investment (FDI), he announced a 10-year tax-free facility for new industries and zero-duty benefits for businesses in Special Economic Zones.
Strengthening the Investment Climate
The Minister further added that the government is removing unnecessary restrictions to boost FDI, with significant reforms already underway in the State Bank of Pakistan and SECP. He also mentioned that redundant powers of the FBR would soon be curtailed. Highlighting Pakistan’s strategic value, he reminded the audience that many Central Asian countries depend on Pakistan’s sea access for trade.
