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One day strike in Karachi causes Rs10 billion loss to economy: Pakwala

Islamabad, January 29, 2013 (PPI-OT): “Karachi is the country’s investment and trade gateway and a key player in economic performance of the country. Karachi with an estimated population of about 20 million, contributes around US$ 90 billion to the country’s total annual GDP and generates 65% of the national revenue.

There are around 15,000 industrial units in the 5 industrial units of Karachi and as such any disturbance in Karachi directly and indirectly affects whole economy of Pakistan. However, the industries of Karachi are suffering due to poor law and order situation, power shortages, low water supply, and gas loadshedding. A one day strike in Karachi caused an overall loss to more than Rs. 10 billion to Pakistan’s economy”.

This was stated by Iqbal Dawood Pakwala, Acting President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in his welcome address to Syed Qaim Ali Shah, Chief Minister of Sindh who alongwith Fayyaz Ahmed Laghari, IGP Sindh, Zubair Motiwala and Phelaj, Advisers to CM and other Senior Government Officials visited FPCCI. Haroon Rashid, Sheikh Shakeel Ahmed Dhingra, Begum Salam Ahmed Vice Presidents of FPCCI and other prominent business were also present on the occasion.

Sindh Chief Minister, Syed Qaim Ali Shah, described about the various measures that have been taken by the present government to promote trade and industry in the larger interest of the country.

Appreciating the vision of Shaheed Mohtarma Benazir Bhatto, the Chief Minister recalled that the last PPP government under her leadership had announced a package of Rs 192 billion for Karachi to cope with energy problem by establishing a power generation project at Keti Bander which was shelved by the subsequent Government.

He disclosed that Council of Common Interests (CCI) in its recent meeting had concluded that the solution of our energy crisis lies in exploitation of Thar Coal reserves which are of very high quality. He informed that many foreign companies are working on eight blocks of Thar Coal fields.

The Sindh Chief Minister added that besides coal, initiatives are also being taken to generate power through wind energy. In this respect he informed that there is a shortfall of 4,500 MW only as against this, the wind corridor near Dhabaji has a potential of generating 50,000 MW of power and local and foreign investors are establishing wind mills to generate power.

Fayyaz Ahmed Laghari, IGP Sindh also disclosed about the shortage of police force in Karachi, which as compared to other mega cities is beyond imagination i.e. one policeman on 750 persons.

For more information, contact:
Syed Masood Alam Rizvi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

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