Chief of the Army Staff (COAS) General Asim Munir assured Karachi’s business community of measures to improve their operational environment, including a reduction in industrial electricity tariffs and the repair of damaged roads in the city’s industrial zones, according to sources familiar with the meeting.
During his visit to Karachi on Friday, Gen Munir engaged with local traders and emphasized the gradual improvement in Pakistan’s economy. According to one of the businessmen present, the COAS highlighted efforts to stabilize the rupee-dollar exchange rate and curb inflation. “We are encouraged by the COAS’s words and are hopeful for the country’s economic stability,” the businessman said.
The army chief praised the contributions of the business sector, recognizing their role in driving the country’s economic growth. He further attributed the economic recovery to the assistance of friendly nations such as China, Saudi Arabia, and the UAE, which have played a key role in aiding Pakistan, according to a statement released by the Inter-Services Public Relations (ISPR).
Gen Munir commended the support extended by the federal and provincial governments to revitalize the economy, and stated that efforts by detractors to spread hopelessness had been thwarted through the united work of all stakeholders. He stressed that Pakistan, with its vast resources, was poised to secure its rightful place among leading nations.
Better road and cheaper power
On the issues of road repairs and power tariffs, Gen Munir assured the traders that the Special Investment Facilitation Council (SIFC) was actively working to attract foreign investment. He expressed confidence that the dollar would eventually drop to Rs250 and that interest rates would fall to single digits. The COAS also indicated that efforts were underway to reduce the industrial power tariff to nine cents, a long-standing demand of Karachi’s industrial sector.
When concerns were raised about the poor condition of roads in the city’s industrial estates, which had deteriorated further due to heavy monsoon rains, Gen Munir instructed the Karachi Corps Commander Lt Gen Babar Iftikhar to ensure immediate improvements to the road infrastructure in seven industrial areas.
Further, the COAS informed the traders that China, Saudi Arabia, and the UAE were investing in various projects under the SIFC, and that China had been asked to initiate phase-II of the China-Pakistan Economic Corridor (CPEC). The business community praised the council for its role in economic revival and expressed their trust in its initiatives.
One businessman also emphasized the need for a streamlined ‘one-window operation’ for Karachi industrialists to minimize bureaucratic delays. In response, Gen Munir urged government departments to avoid creating unnecessary obstacles for traders and investors. He encouraged the business community to offer suggestions for boosting exports, reassuring them that “You run the economy, and we will ensure your protection.”
The COAS also outlined the steps taken by the army to control cross-border smuggling and prevent the illegal outflow of dollars, which he noted had benefitted local industries.
IT initiatives
In addition to his meetings with the business community, Gen Munir inaugurated the Innovista Indus IT Park, a co-working space for freelancers, startups, and businesses in the Defence Housing Authority. He described the park as an important step towards fostering the growth of Pakistan’s IT sector, which he said holds significant potential.
Earlier in the day, Gen Munir visited the V Corps Headquarters, where he was briefed on the operational readiness and training programs of the army’s troops.
