KARACHI: The Korangi Association of Trade and Industry (KATI) has put forth an ambitious proposition for the establishment of a “Charter of Karachi,” an initiative that seeks to unite pivotal actors in revitalizing the metropolis’s economic engine, while delivering immediate assistance to the small and medium-sized enterprises (SMEs) and local traders. KATI’s leadership underscored that Karachi’s economic health is vital to Pakistan’s broader advancement.
KATI President Junaid Naqi, along with Deputy Patron-in-Chief Zubair Chhaya, spearheaded a delegation to extend congratulations to the newly elected leadership of the Karachi Chamber of Commerce and Industry (KCCI). They acknowledged the electoral victory of President Javed Balwani, Senior Vice President Zia-ul-Arfeen, and Vice President Faisal Khalil. The KATI delegation also included Vice President Tariq Hussain and former presidents such as Masood Naqi, Johar Qandhari, Ehtishamuddin, Rashid Siddiqui, Farukh Mazhar, Danish Khan, Saleem-uz-Zaman, among others.
In this convergence, Junaid Naqi underscored the criticality of prioritizing Karachi, characterizing it as the “economic nucleus” of Pakistan. He lamented the city’s recent disregard, a neglect which has precipitated a decline in national exports, ultimately eroding the country’s economic foundation. “Achieving economic fortitude necessitates the unification of the business community, town organizations, and governmental bodies under the Charter of Karachi,” Naqi articulated.
Although Naqi acknowledged some progressive developments, such as prospective cuts in interest rates and energy tariffs, he expressed concern that such advantages have yet to trickle down to smaller enterprises. “The vast majority of KCCI affiliates are engaged in small and medium-sized businesses. Until these gains reach them, true economic recovery remains elusive,” Naqi emphasized. He advocated for accelerated measures to provide tangible support to grassroots traders and entrepreneurs.
Echoing Naqi’s viewpoint, Deputy Patron-in-Chief Zubair Chhaya accentuated that Karachi, contributing over 65% of Pakistan’s revenue, must be stabilized to ensure the nation’s economic momentum. “Addressing the city’s deteriorating infrastructure, exorbitant utility expenses, water and sewage dilemmas, alongside curbing governmental harassment and street crime, are pivotal,” Chhaya asserted.
Chhaya also declared KATI’s intent to rally all relevant stakeholders—government bodies and the business community alike—to foster consensus around the Charter of Karachi. “Through united action, we can curb the nation’s import dependency, amplify exports, and fortify our foreign exchange reserves,” Chhaya added.
Moreover, Chhaya commended Javed Balwani for his fearless leadership, expressing optimism that, under his stewardship, KCCI would vigorously champion the cause of traders and industrialists. “We are confident that with Balwani at the helm, KCCI will drive efforts to surmount the hurdles besieging the business community,” he noted.
In response, KCCI President Javed Balwani conveyed gratitude to the KATI delegation for their endorsement and vowed that KCCI would relentlessly strive to consolidate stakeholders and tackle pressing issues. “The Charter of Karachi will serve as a cornerstone in synchronizing efforts to reinforce the city’s business climate,” Balwani remarked.