Prime Minister Shahbaz Sharif recently convened with Karachi’s business community to explore avenues for economic rejuvenation, focusing particularly on enhancing exports. Despite his determination, industry leaders expressed apprehensions regarding the current business environment, citing challenges such as high energy costs and policy inconsistencies.
During the hour-long meeting, PM Shahbaz was commended for his resolve but urged to prioritize political stability as a crucial factor in economic turnaround. Acknowledging the government’s efforts in collaborating with the International Monetary Fund (IMF) to stabilize the economy, business leaders proposed initiating trade discussions with India and reconciling with imprisoned PTI leader Imran Khan to foster stability.
PM Shahbaz emphasized the importance of engaging with the business community to craft a comprehensive economic growth strategy, aiming to double exports within the next five years. Drawing inspiration from Bangladesh’s economic progress, he highlighted the transformative potential of genuine industrial and agricultural growth.
While business leaders appreciated recent government initiatives, they expressed concerns over political instability and urged the PM to take decisive action. Suggestions included further diplomatic gestures and resolving internal political tensions.
A presentation by Zubair Motiwala, head of the Trade Development Authority of Pakistan (TDAP), underscored the challenges facing industries, particularly in light of escalating energy prices. Motiwala emphasized the need for fair energy pricing to ensure competitiveness in international markets and called for measures to address surplus electricity capacity and reduce circular debt.
Despite these challenges, PM Shahbaz affirmed his commitment to addressing business concerns and pledged to convene further discussions with businessmen nationwide. His visit to Karachi included engagements with local officials and a tribute to Quaid-i-Azam at his mausoleum.
In summary, PM Shahbaz’s dialogue with Karachi’s business community reflects a proactive approach to economic revitalization, albeit amid challenges requiring concerted efforts and policy interventions.
