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COAS General Asim Munir Promises Business Community in Karachi Reduced Electricity Tariffs and Improved Infrastructure
COAS General Asim Munir assured local business leaders of reduced industrial electricity tariffs and road repairs in trading areas, signaling a hopeful economic outlook.
ND
by News Desk
2024-09-28
COAS General Asim Munir Promises Business Community in Karachi Reduced Electricity Tariffs and Improved Infrastructure

Chief of Army Staff (COAS) General Asim Munir met with Karachi's business community on Friday, assuring them of impending reductions in industrial electricity tariffs and necessary repairs to roads in trading areas. This meeting is seen as a significant step toward fostering a more favorable environment for economic growth in the city.

 

General Munir's interaction with businesspersons came during his visit to Karachi, where he acknowledged the crucial role of traders and entrepreneurs in Pakistan's economic landscape. According to an attendee, the COAS expressed optimism about the gradual improvement of the economy, highlighting the stabilization of the rupee against the dollar and a decrease in inflation over the past year.

 

The military’s media wing, Inter-Services Public Relations (ISPR), reported that General Munir recognized the support from friendly nations, notably China, Saudi Arabia, and the UAE, in aiding Pakistan's economic recovery. He praised the federal and provincial governments for their collaborative efforts to rejuvenate the economy, asserting that the detractors attempting to sow despair have been met with collective resilience from all stakeholders.

 

Addressing concerns raised by local traders, General Munir indicated that the Special Investment Facilitation Council (SIFC) is diligently working to enhance foreign investment. He optimistically projected that the dollar would stabilize at around Rs250, and interest rates could potentially fall to single digits.

 

Responding to complaints regarding the deteriorating road conditions in Karachi’s industrial areas, exacerbated by monsoon rains, General Munir directed Karachi Corps Commander Lt Gen Babar Iftikhar to prioritize infrastructure improvements in seven key industrial estates. Additionally, he indicated plans to align industrial power tariffs with the longstanding demands of the sector, targeting a rate of nine cents per unit.

 

The army chief acknowledged the need for streamlined processes, encouraging the establishment of a ‘one-window operation’ for Karachi industrialists to minimize bureaucratic hurdles. He urged government departments to eliminate bottlenecks that hinder traders and investors, emphasizing the importance of collaboration with the business community to enhance exports.

 

General Munir also shared insights into measures taken to combat cross-border smuggling and the illegal outflow of dollars, stating that these efforts have significantly benefitted local industries.

 

During his visit, the COAS inaugurated the Innovista Indus IT Park, a new co-working space designed to support freelancers, startups, and businesses in the Defence Housing Authority. He noted that such projects are essential for nurturing the growth of Pakistan's IT industry and reaffirmed the nation’s potential across various sectors.

 

Earlier in the day, General Munir visited the V Corps Headquarters, where he received updates on the troops' operational readiness and key training initiatives undertaken by the army.

 

As the meeting concluded, the business community expressed renewed confidence in the government's economic initiatives and the SIFC's role in fostering growth and stability.
Tagged:

COAS

Karachi

PakistanEconomy

EconomicGrowth

BusinessCommunity
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