KARACHI: Federal Minister for Board of Investment, Qaiser Ahmed Sheikh, has emphasized that driving Pakistan’s export growth is fundamentally dependent on prioritizing Karachi’s industrial sector. Speaking at the Korangi Association of Trade and Industry (KATI), the minister highlighted that while the Prime Minister has successfully abolished the Super Tax on exporters in the current budget, critical operational challenges such as delayed sales tax refunds and high energy tariffs continue to burden businesses. To counter these challenges and stimulate growth, the federal government, in collaboration with the Government of Sindh, is establishing a massive Special Economic Zone (SEZ) on 6,000 acres of Pakistan Steel Mills land. This landmark project features a 10-year zero-duty incentive, which the government successfully secured after intense and difficult negotiations with the International Monetary Fund (IMF).
However, the initiative comes amidst stark warnings from the business community. KATI President, Ikram Rajput, raised serious concerns over the current economic environment, questioning why any investor would risk capital under such strenuous conditions. He pointed out that an acute energy crisis and unfavorable policies have already forced several industries to shut down, making it extremely difficult for entrepreneurs to set up new ventures. Mr. Rajput concluded with a strong critique, stating that the economic landscape is currently being dominated by individuals who lack a genuine connection to industry and economics.
