Tagline: Karachi: Sindh’s prominent industrialists characterize 2023 as challenging, marked by energy crises, economic downturn, strikes, and insufficient government support. Despite these hurdles, they adopt an optimistic outlook for 2024, anticipating better prospects ahead.
Description: 2023 proved to be a tumultuous year for industrialists, grappling with challenges like soaring utility tariffs, economic slowdown, and competitiveness issues. Despite the difficulties, Muhammad Kamran Arbi, President of the Site Association of Industry (SAI), expressed optimism for a better 2024, calling for a clear and consistent industrial policy.
President of the Landhi Association of Trade and Industry, Siraj S Monnoo, acknowledged the challenges carried forward into 2024, emphasizing the need for strategic interventions in response to the economic hardships of 2023. He highlighted a spectrum of challenges faced by Karachi’s industries and stressed the importance of effective governance, policy reforms, and targeted investments for holistic economic improvement.
Looking ahead, Monnoo emphasized the lessons learned from 2023, underlining the importance of effective governance, policy reforms, and strategic investments. Despite the challenges, he expressed confidence in the industrial sector’s resilience and collaborative efforts, setting the stage for a dynamic business environment in 2024.
Muhammad Farooq Shaikhani, President of the Hyderabad Chamber of Small Traders and Small Industry (HCSTSI), highlighted the challenges faced by the country in 2023, particularly the surge in electricity and gas tariffs. Shaikhani stressed the need to prioritize continuity in economic policies, advocating for a comprehensive, long-term investment policy crafted through thorough examination and consultation with stakeholders. He underscored the pivotal role of supporting domestic investors for economic stability and attracting foreign investment.
Conclusion: 2023 proved to be a challenging year for Karachi’s industrial sector, grappling with issues ranging from surging utility tariffs to broader economic hardships. Despite these obstacles, there is optimism for a more favorable 2024. Business leaders emphasize the need for clear industrial policies and strategic interventions to address multifaceted challenges. The experiences of 2023 serve as a catalyst for holistic development strategies in the coming year, with a commitment to effective governance, policy reforms, and targeted investments. Collaborative efforts and a focus on nurturing domestic investment are deemed essential for overcoming challenges and building a resilient and prosperous economic future for Karachi.
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