Karachi, December 20, 2023 – Faraz ur Rehman, the President of the Korangi Association of Trade and Industry (KATI), made a surprise announcement on Wednesday, revealing his decision to take early retirement from his role as the head of the association.
Citing other commitments and expressing concern about the current economic situation, Rehman addressed the media during a press briefing to share his reasons for stepping down.
In a heartfelt statement, Rehman expressed his deep disheartenment with the prevailing economic conditions, stating, “I am very disheartened with the current economic situation; people are not able to afford even their bread.” He emphasized the importance of Karachi as a beacon of hope and urged national leaders to safeguard the economic prosperity of the city. Rehman, who served as both President of KATI and Chairman of PBGO, highlighted the challenges faced by the people and stressed the need for unity during these trying times.
During his tenure, Rehman asserted that he had dedicated his efforts to uplift all people of Pakistan, emphasizing that unity, faith, and discipline are crucial elements in overcoming the existing challenges. He called for adherence to Quaid-e-Azam’s vision, stating, “Pakistan cannot overcome crises without following Quaid-e-Azam’s vision of unity, faith, and discipline.” Rehman expressed his openness to assisting others even without an official position, reiterating his commitment to the betterment of the nation.
In a significant move, Faraz-ur-Rehman nominated Nighat Awan, Senior Vice President of KATI, as the Acting President of KATI, effective immediately. Additionally, Muslim Mohamedi, the current Vice President, assumed the role of Acting Senior Vice President. Rehman also appointed Farhan ur Rehman as the Chairman and Patron-In-Chief of the Pakistan Business Group Organization.
The announcement of Rehman’s early retirement has sparked discussions within the business community, with many expressing gratitude for his service and dedication to the industry. Nighat Awan, stepping into the role of Acting President, is expected to bring her experience and leadership to guide KATI through this transitional period.
The business community is keenly observing these changes, especially amidst the challenging economic landscape. Rehman’s call for unity and adherence to fundamental values serves as a reminder of the importance of collective efforts in overcoming economic hurdles. As the leadership baton is passed within KATI, the industry looks toward a continued commitment to growth and prosperity under new leadership.
