President commends government, military for attracting investment

KARACHI: President Arif Alvi has voiced his confidence in the current caretaker government and military leadership, lauding their collaborative efforts to steer Pakistan toward economic progress. The president emphasised the vital role of decision-making in positioning the nation on a path to economic stability, highlighting their focus on securing foreign investments to boost the country’s economy.

President Alvi’s remarks were delivered during an address at the 15^th Rice Exporters Association of Pakistan (REAP) recognition ceremony, where he was joined by Sindh Governor Kamran Tessori. He expressed optimism for the business community’s role in strengthening Pakistan economically, underscoring the nation’s untapped potential and the responsibility that comes with it.

Alvi congratulated REAP on its remarkable journey, which has seen the exports of rice grow from $300 million to an impressive $3 billion. He encouraged REAP members to explore joint ventures and prioritise value-added rice products, citing the “Biryani Festival” as a valuable initiative and even extending an invitation for REAP to organize the festival in the President’s House.

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The president emphasised the need to revive rice research institutions to further capture the international market and recommended the collaborative establishment of market-oriented institutions by the government and REAP.

In addition, President Alvi highlighted the significant role of women in the workforce, stressing the importance of their employment in companies to empower them and enable their active participation in economic affairs.

Sindh Governor Tessori praised the rice crop as the second-largest export of the country, regretting that it had not yet been officially recognised as an industry. He acknowledged the efforts of the Chief of the Army Staff (COAS), General Asim Munir, in combating economic challenges alongside border security concerns, which have contributed to a decrease in the value of the dollar.

Tessori also anticipated an improvement in the nation’s law and order situation as actions against illegal immigration began.

REAP Chairman Chela Ram Kewlani emphasised the association’s pivotal role in Pakistan’s economy, highlighting the global recognition of Pakistani rice for its quality. He pointed out that Pakistan currently produces 9 million tonnes of rice, with exports reaching Europe, the Middle East, Russia, and beyond, elevating the country’s rice industry to $3 billion.

Kewlani urged the president to declare rice as an official industry and drew attention to the Minimum Export Price (MEP) for rice, which, if not addressed, could impact rice exports. He also called for the establishment of a dedicated rice research institution to foster growth and more opportunities in the sector.