FPCCI demands reduced energy prices for industrial sector

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Islamabad: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) yesterday 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 yesterday, he said that a prompt decision regarding rationalizing of energy prices will help enhance the international competitiveness of local products. The govt 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 bln and the import trend during July-Oct 2017 is almost five billion dollars per month, which means that imports till June 2018 can cross USD60 billion mark.–Online

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