KARACHI: Chief of the Army Staff (COAS) General Asim Munir has assured Karachi’s businesspersons of a reduction in industrial electricity tariff and repairs of roads in trading areas, according to a businessman with knowledge of the matter.

The COAS interacted with the business community during his visit to the port city on Friday and told them that the economy was gradually improving.

“We feel really encouraged after the meeting with [the COAS] and hope that the country will achieve economic stability,” one of the businessmen, who attended the meeting, told Dawn.

The COAS appreciated the contributions of businesspersons, traders and entrepreneurs to the country’s economic growth, according to the military’s media wing. Gen Munir pointed out that the economy had improved in the past year as the rupee-dollar exchange rate had stabilised and inflation reduced, as per the businessperson.

Gen Munir vows to provide security to industrialists

The COAS appreciated the role of friendly countries, especially China, Saudi Arabia and the UAE, in helping Pakistan’s economic recovery, according to a statement released by the Inter-Services Public Relations (ISPR).

He commended the federal and provincial governments for “supporting all initiatives” to revive the economy and said that naysayers “who made failed efforts towards creating despair and despondency in society have been defeated through the collective efforts of all stakeholders.”

Given the immense resources and potential, the COAS said, Pakistan is “destined to achieve its rightful position in the comity of nations”.

Road repairs and power tariff

Gen Munir assured the traders that the Special Investment Facilitation Council (SIFC) has been making serious efforts to boost foreign investment and expressed the hope that the dollar would come to Rs250 against the rupee and interest rate would fall to single digits, the businessman said.

The army chief also hinted at bringing down the industrial power tariff to nine cents in line with the long-standing demand of the industrial sector.

When one of the traders complained of dilapidated roads in Karachi’s industrial areas following the monsoon rains in July and August, the COAS asked Karachi Corps Commander Lt Gen Babar Iftikhar to ensure that the road infrastructure in seven industrial estates of the city is improved.

Gen Munir claimed that China, Saudi Arabia and the UAE are investing in various SIFC projects, and the Chinese government has also been asked to start phase-II of the China-Pakistan Economic Corridor project.

According to the ISPR, the businesspersons, who met the COAS, “expressed confidence and praised” the SIFC for its role in economic improvement and growth.

A businessman told the COAS about the “dire need” for a ‘one-window operation’ for Karachi industrialists to save them from bureaucratic red tape.

Gen Munir urged the government departments to “refrain from creating bottlenecks” for traders and investors and sought suggestions from the business community for measures to further enhance exports. According to the businessman, COAS said: “You [the business community] run the economy, and we will give protection.”

Ge Munir also spoke about the steps taken to curb cross-border smuggling and illegal outflow of dollars, which proved helpful for local industries.

IT park inauguration

During his visit, the COAS inaugurated the Innovista Indus IT Park, a “coworking space” for freelancers, startups, and businesses in the Defence Housing Authority.

The COAS said these projects provide a conducive environment to “promote the growth of the IT industry in the country”.

He added that Pakistan has “remarkable potential” in several fields and everyone must have an “unflinching trust and confidence” in the country’s bright future.

Earlier, the army chief visited the V Corps Headquarters, where he was briefed on the troops’ operational preparedness and key training initiatives undertaken by the army.

Published in Dawn, September 28th, 2024