Reduction in energy prices is essential to drive the industry: Atif Ikram

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Our cost of production is the highest in the region, which is a major obstacle to industrialization.

Islamabad ()

President of Federation of Pakistan Chamber of Commerce and Industry Atif Ikram Sheikh welcomed the reduction in the prices of petroleum products and said that the reduction in energy prices is very necessary to increase exports and drive the industry.For which the prices of electricity and gas should also be reduced. As a result of government policies and the efforts of the Special Facilitation Council (SIFC), the economy is improving and the stock exchange is setting record highs.

Federation President Atif Ikram said that the effects of reduction in petroleum prices should be conveyed to the people, especially in transportation, the reduction in fares should be ensured.Investments from Saudi Arabia and other countries will have more positive effects on the country’s economy.Our production cost is the highest in the region, which is a major obstacle in the way of industrialization. Without solving the problems of the business community, the country’s economy cannot be put on the path of development.

Atif Ikram said that the industry is affected due to the high price of electricity in Pakistan, electricity is available in regional countries at 6 to 7 cents per unit, in Pakistan Electricity prices have reached 20 cents that is the reason why Pakistani industries cannot compete with regional countries. Interest rates are dangerously high it is very difficult for businesses to operate at such rates.