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Karachi is Critical to Generate Strong Economic Growth for Pakistan, Says Federal Minister for Industries and Production

Karachi, Pakistan, 09/12/2021 / Karachi News Bureau /

Makhdoom Khusro Bakhtiar, Federal Minister for Industries and Production, has stated that all governments and regulators must pay close attention to Karachi in order to attain a persistent high economic growth rate of 6-7% each year.

“Why Karachi? Because this is the city of ports, there is business wisdom and business spirit,” Bakhtiar stated during a press conference at the Sindh Governor House this Friday.

Imports and exports from Karachi are still feasible. “We have to uplift Karachi if we want to achieve the required sustainable economic growth of 6-7%.”

According to him, the government is planning to implement a low-interest vehicle financing scheme for small-engine cars in order to make car ownership affordable to the greatest number of individuals and families in the country.

“The car manufacturers, however, have to justify their prices, and it is being made mandatory for them to manufacture parts in the country as well…to cut the fast-rising import bill,” the Federal Minister said.

Currently, the country’s steel demand is at million tons per year. “The demand is estimated to double to 20 million tons by the year 2024-25,” he said, adding that the scenario necessitates the government reviving Pakistan Steel Mills (PSM) through privatization.

Steel demand rises just as vehicle manufacturing and sales increase, and the construction sector accelerates. “We are for setting up more steel mills through joint ventures on public-private partnership model,” he stated.

In addition, the government plans to implement an ore mining strategy in April 2022. This would open the path for the country’s steel output to increase.

Prime Minister Imran Khan will visit Karachi next week to launch the Karachi Circular Railways (KCR) project, he said.

The Governor stated that the government intends to reduce imports by enhancing localization of production and increasing exports.


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Source: Submit123News

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