KARACHI: In a significant meeting held in Karachi, the financial hub of Pakistan, more than 100 prominent businessmen engaged in discussions with Chief of Army Staff (COAS) General Asim Munir for four and a half hours.
The Army Chief assured business leaders that the country would soon witness a single-digit interest rate, indicating economic stability, along with lower electricity prices to keep industries running and provide relief to the public.
The session focused on pressing economic challenges and ways to stimulate business growth, with key announcements aimed at boosting the country’s economy.
The traders shared positive outcomes from the meeting, revealing that the Army Chief had conveyed “good news” regarding the country’s economic future, including plans to reduce interest rates to single digits by next year.
Additionally, General Munir informed attendees that electricity prices would be reduced as early as next month, providing much-needed relief to businesses burdened by high operational costs.
One of the key topics discussed was the repatriation of money held abroad by Pakistani traders and businesspeople. The Army Chief urged them to bring back their investments to help stimulate the local economy. In response, the traders suggested introducing an “amnesty” scheme to facilitate the return of funds and encourage domestic investment.
During the meeting, General Munir encouraged the business community to prepare for new industrial ventures. He emphasized the importance of building new industries to strengthen the nation’s economy and called for greater cooperation between the government and the private sector.
The Army Chief also mentioned that dialogues are ongoing with political leadership regarding the creation of new provinces, which he believes will improve administrative efficiency and bring forth new leadership.
Reaffirming the military’s commitment to Karachi, General Munir stated, “Our hearts beat for Karachi,” stressing that the military remains dedicated to supporting the city’s development. He also highlighted that business enterprises run by the military contribute around Rs 400 billion annually to the national treasury.
During the meeting, prominent businessman Arif Habib proposed the idea of separating the construction and real estate sectors to enhance the efficiency and focus of each industry. The proposal was welcomed and discussed as part of broader measures aimed at stimulating economic growth.
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