KARACHI: Prime Minister Imran Khan on Sunday arrived in to his country’s commercial capital of Karachi on ‘economy focused’ daylong visit and met with different bodies of the businessmen, traders and stock brokers to seek their trust in his government's policies.
PM Khan, who is facing devolution of rupee, unstable economy amid efforts for IMF’s package, told the businessmen and industrialists that the country had everything but investment friendly environment, and his government is striving hard to create such enabling environment for the ventures.
The prime minister said that investors were coming to Pakistan where there were good opportunities to invest their money.
Reasoning that high interest rate encourages businessmen to deposit their capital in banks instead of investing it in industries amid high rates of gas, the traders and businessmen urged upon the premier to lower the interest rate.
“Lowering the interest rate was among several important suggestions we gave to the prime minister in our meeting,” Syed Mazhar Ali Nasir, Senior Vice President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) told Arab News after the delegation of the businessmen called on premier here at the Sindh Governor House.
“PM told us that his Government is trying to avail the IMF bailout program only when it would be inevitable because the conditions of the fund are very harsh which if implemented would burden the poor people of the country,” the FPCCI official informed.
“Government is trying to arrange funds through other sources so that IMF program with minimal conditions is availed,” Nasir quoted the prime minister as saying, adding that traders advised the PM to prepare $40 billion export plan. “We have expressed our concerns on the recent devaluation of rupee and interest rate hike.”
General Secretary of Overseas Investors Chamber of Commerce and Industry (OICCI), Abdul Aleem, told Arab News that premier has assured to take measures to solve the problems of foreign investors.
“He has tasked Asad Umar, Finance Minister, to pave the ways for foreign investment by removing impediments.”
Briefing the media about PM Khan’s Karachi visit, Governor Sindh Imran Ismail confirmed the prime minister assured traders that the stock exchange will go up for which the interest rate will be lowered down. “Finance Minister will soon hold a presser in Islamabad to share details about the monetary decisions that the government has taken,” he said, adding that important decisions have been taken during the premier’s Karachi visit.
Ismail claimed that the businessmen reposed their trust in the prime minister and his government's policies. “They also gave suggestions, which will be taken into consideration,” he said.
According to Ismail, the Prime Minister, during the meetings with different bodies of businessmen and stock brokers, reiterated his resolve to steer the country out of the difficult times. The prime minister told that the country was not lacking anything but an investors-friendly environment, which his government will create.
The prime minister further told that government had come up with a positive mindset to protect and promote business and investment besides bringing stability in the market.
Regarding the projects for Karachi, Ismail said the intention of the federal government was good. “The prime minister came to Karachi along with his cabinet members and met with the business community,” he said.
“The traders discussed with PM Khan the problems they currently face,” he said, adding that the representatives from the Traders gave their suggestions on steps for financial and economic stability within the country.
Talking to Arab News, Ahmed Chinoy, a member of the Pakistan Stock Exchange (PSX) delegation, said that Khan approved most of the suggestions given by the delegation.
Meanwhile, the prime minister held one on one meeting with Ismail in Karachi. “Matters related to political situation and ongoing development projects were discussed,” according to PTI’s official twitter account.
The prime minister also met with Chief Minister Sindh, Murad Ali Shah, and told him that special meeting regarding the K4 water project will be summoned in Islamabad soon, informed the governor.
