Long-Term Policies Indispensable for Economic Growth: Governor Sindh

KARACHI: Governor Sindh Kamran Khan Tessori urged businessmen and industrialists to prepare long-term economic plans and policies for sustainable development.

Speaking as the chief guest at the Federal B Area Association of Trade and Industry (FBATI) on Tuesday, he emphasized the need for stakeholders from the private sector to propose 20-year policies aimed at enhancing exports, industrial production, and regional trade with neighboring and friendly countries.Sindh cracks down on formula milk, complimentary food advertising under new law

“The socio-economic situation in the country is challenging,” he said. “Our next generation will only be able to handle the future properly if we address these issues now. Urgent issues should be resolved immediately, alongside developing long-term economic plans.”

He noted that various industrial issues need to be resolved with definitive solutions to steer the country towards economic development. Besides financial stability, the country requires security stability. Additionally, an empowered and effective local bodies system is necessary to address public issues related to infrastructure and essential utilities, the Governor added.

He assured that he would discuss the industrialists’ issues with Prime Minister Shahbaz Sharif.

President FBATI Syed Raza Hussain highlighted that industries in Karachi face multiple challenges, which may eventually lead to their closure. He pointed out that electricity prices have surged in recent months, with the Fuel Cost Adjustment (FCA) being heavily charged to Karachi consumers compared to other cities. The pending incremental benefit of Rs. 33 billion has not been passed on to Karachi industries due to disagreements between the power utility and regulator. This power subsidy would greatly relieve Karachi’s industries.

Additionally, the lack of water in various industrial zones exacerbates the situation. The provincial government’s taxes on subsoil water have further increased production costs, President FBATI added.