FPCCI de­mands re­duced en­ergy prices for in­dus­trial sec­tor

Daily Messenger - - Biz -

ISLAMABAD: The Fed­er­a­tion of Pak­istan Cham­bers of Com­merce and In­dus­try (FPCCI) on Tues­day urged the gov­ern­ment to re­duce elec­tric­ity and gas prices for the in­dus­trial sec­tor to boost em­ploy­ment, pro­duc­tion, and ex­ports.

The high cost of pro­duc­tion is hit­ting pro­duc­tion and ex­ports, there­fore, the gov­ern­ment should im­me­di­ately cut prices of elec­tric­ity and gas to sta­bi­lize the econ­omy, said Zubair Tu­fail, Pres­i­dent FPCCI.

In a state­ment is­sued on Tues­day, he said that a prompt de­ci­sion re­gard­ing ra­tio­nal­iz­ing of en­ergy prices will help en­hance the in­ter­na­tional com­pet­i­tive­ness of lo­cal prod­ucts.

The gov­ern­ment should spare some re­sources and take an im­me­di­ate de­ci­sion to ar­rest the de­cline in the ex­ports which has cre­ated many prob­lems for the coun­try, he added.

The main rea­son for com­pet­i­tive dis­ad­van­tage and the dis­mal per­for­mance of the ex­port sec­tor is the much higher en­ergy prices for Pak­istani ex­porters as com­pared to that of the neigh­bor­ing and re­gional coun­tries, he in­formed.

Zubair Tu­fail said that last year Pak­istan’s im­ports were more than USD52 bil­lion against ex­ports of USD21 bil­lion and the im­port trend dur­ing Ju­lyOct 2017 is al­most five bil­lion dol­lars per month, which means that im­ports till June 2018 can cross USD60 bil­lion mark.

In­vest­ment in in­dus­tries is poor, ex­cept for the CPEC re­lated projects which have put breaks on the cre­ation of new jobs, he ob­served.

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