Karachi, February 28, 2020: Governor Sindh Imran Ismail has said that the nation is reaping the seeds of past governments, costly electricity and LNG contracts caused debt, which caused problems for the present government and the public, raising interest rates to bring investment was necessary to attract investments, but now interest rates are expected to fall. He was addressing the inauguration ceremony of Plastic Products Show this Friday at the Expo Center.
FPCCI President Anjum Nisar, Pakistan Plastics Manufacturers Association (PPMA) Chairman Nabil Hashmi, PPMA patron Zakaria Usman and other prominent figures from the business community were also present at the occasion.
Governor Sindh said that past governments made expensive deals with private power generation companies, as well as the purchase of expensive LNG on higher prices which damaged the economy. These power plants will still have to be paid on take or pay basis.
Imran Ismail said that if Imran Khan did not interfere with the wrong decisions taken by the past governments the situation would have been very bad. The Prime Minister’s economic team is working day and night to keep the economy in the right direction and to provide a conducive environment for the industrial sector and the business community, he added.
Governor said that without the promotion of industries in the country, the economy cannot be built on a sustainable basis. Due to wrong decisions of past governments, Pakistan had to approach global institutions for loans, but now the situation is improving.
Imran Ismail said interest rates are also likely to decline, business community will soon hear the good news, but it will be gradual.
Governor Sindh called on the business community to rely on government policies and measures for restoration of the economy and development and stability of Pakistan.
Governor Sindh congratulated the organizers for organizing a plastic product exhibition despite the unfavorable business conditions caused by the Corona virus.
Governor Sindh said that the plastics industry is the backbone of the plastics industry in Pakistan is a newborn.
Governor Sindh said that since my childhood I have been hearing about planting a Naphtha cracker plant to facilitate the supply of basic raw materials in Pakistan, but this industry could not be done. I will discuss the issues with the Prime Minister on Monday.
Addressing the inaugural event of the plastic show, FPCCI President Anjum Nisar said that electricity prices in Pakistan are doubled by the world 8 and 10 percents electricity provided in China. Competition is difficult for Pakistani industries due to expensive electricity. He said the high cost of electricity is a problem for both the government and the industry.
President FPCCI also described high interest rates as a major problem for industries and said that reduction of interest rates was inevitable for establishing new industries in Pakistan. He said that the Prime Minister announced to maintain electricity tariffs for the five major export industries, but other industries continue to buy expensive electricity.
President FPCCI said that the country should not be infected with the Karuna virus. The raw material of the common protective mask is available. Related industries should focus on increasing the production of masks locally to ensure adequate availability of the protective mask in the country. ۔ He appealed to Governor Sindh Imran Ismail to convey the issues of the industrial sector and business community to the Prime Minister and the government.
Speaking at the inaugural ceremony, Chief Patron of Pakistan Plastics Manufacturers Association Zakaria Usman said that Governor Sindh always encouraged the business community and social and business activities in Karachi. He said due the situation China and other foreign companies didn’t attend the event but the industry did not cancel the exhibition to improve business conditions in Pakistan.
Zakaria termed the establishment of industrial zones in Karachi and Sindh as a necessity of the time. He said that crime in Karachi was reduced which credit goes to PTI and Governor Sindh. He emphasized on strengthening SMEs for the economic development of Pakistan and said that promotion of value-added in the non-plastic products industry, including the branding of Med in Pakistan, was indispensable.
Chairman Plastics Manufacturers Association Nabeel Hashemi invited Governor Sindh to visit industrial zones in Punjab and emphasized the need for adopting new concepts of economic zones in Sindh also for industrial development.
Nabeel said that the concept of industrial estate is outdated. Now industrial parks and cottage industry zones are being set up all over the world where worker accommodation is also provided. Is. Plastic product show held at Hall number five in Karachi Expo Center, with 50 Pakistani companies participating in the exhibition.
The exhibition also showcases domestic, commercial and industrial use plastic products and sells at discounted rates. The latest technology of plastic injection molding technology is also part of the exhibition.