Karachi: The Korangi Association of Trade and Industry (KATI) has unveiled a new initiative, the ‘Charter of Karachi’, designed to enhance the city’s economic role by consolidating efforts from various stakeholders to support small and medium enterprises (SMEs) and traders.

According to Korangi Association of Trade and Industry, KATI President Junaid Naqi and Deputy Patron-in-Chief Zubair Chhaya led a delegation to meet with the newly elected officials of the Karachi Chamber of Commerce and Industry (KCCI). The delegation congratulated KCCI President Javed Balwani and his team on their recent electoral victory and discussed the critical economic role of Karachi, which they described as Pakistan’s economic hub.

During the discussions, Naqi highlighted the need for a collective approach to address Karachi’s economic challenges. He pointed out the recent neglect of the city, which has adversely affected national exports and overall economic stability. “To achieve economic stability, the business community, town associations, and government must come together under the Charter of Karachi,” Naqi emphasized. He also mentioned potential positive economic indicators, such as reductions in interest rates and energy tariffs, but noted that the benefits have not yet fully reached small businesses.

Zubair Chhaya stressed the importance of addressing Karachi’s infrastructure problems, excessive utility bills, and issues with water and sewage systems, as well as reducing government-related harassment and street crime. Chhaya outlined KATI’s plan to bring all relevant stakeholders, including the government and business community, together to build consensus on the Charter of Karachi, aiming to decrease imports, increase exports, and strengthen foreign exchange reserves.

KCCI President Javed Balwani responded to the initiatives and support from the KATI delegation, affirming KCCI’s commitment to uniting stakeholders and addressing the city’s economic issues. “The Charter of Karachi will help align efforts towards strengthening the business environment,” Balwani stated, expressing optimism about the collective efforts to overcome the city’s economic challenges.