COAS Encourages Traders to Reinvest for Economic Growth. In a pivotal meeting in Karachi, over 100 leading businessmen engaged in a four-and-a-half-hour discussion with Chief of Army Staff (COAS) General Asim Munir, focusing on urgent economic challenges and strategies to stimulate business growth.
General Munir announced plans to reduce interest rates to single digits by next year, along with a decrease in electricity prices expected as soon as next month. These measures aim to alleviate the financial burdens on businesses.
A key point of discussion was the repatriation of funds held abroad by Pakistani traders. The Army Chief urged them to bring back their investments to help invigorate the local economy. In response, traders suggested implementing an “amnesty” scheme to facilitate this process and encourage more domestic investment.
General Munir also called on the business community to prepare for new industrial initiatives, emphasizing the need for collaboration between the government and private sector to strengthen the nation’s economy. He noted that ongoing discussions with political leaders about creating new provinces could enhance administrative efficiency and foster new leadership.
Reaffirming the military’s commitment to Karachi, General Munir stated, “Our hearts beat for Karachi,” highlighting the military’s role in the city’s development and its contributions of approximately Rs 400 billion annually to the national treasury.
During the meeting, prominent businessman Arif Habib proposed separating the construction and real estate sectors to improve efficiency and focus. This idea was well-received and incorporated into broader discussions aimed at stimulating economic growth.
