Hike in power tariff key challenge to country’s exports: Business community tells PM Shehbaz

During a meeting with Prime Minister Shehbaz Sharif, the business community of Karachi urged the federal government to slash the prices of electricity so that traders can compete with regional competitors in the global market, reported 24NewsHD TV channel.

The business community during a meeting told PM Shehbaz that in India traders were getting electricity for 6 cents while in Bangladesh, electricity was being provided to traders for 8 cents, however, Pakistan's situation was quite contrary as they asked the PM, how Pakistani traders could enhance their exports in this adverse situation.

On this, PM Shehbaz endorsed the complaints of Traders and admitted that their concerns would be addressed.

He also invited business community leaders to Islamabad on May 2 so that their genuine concerns could be addressed after meeting with the officials and officers of the Ministry of Finance, Water and Power and concerned departments.

Later, addressing the traders in Karachi, PM Shehbaz expressed his confidence that the volume of Pakistan’s exports would be doubled over the next five years with the support of the country’s business community.

He said the government, in consultation with the business community, will chalk out a comprehensive policy framework to increase the country’s exports that would ultimately help ensure export-led growth.

He said the export-led growth would also help resolve the foreign exchange reserves’ issues in Pakistan. “You are the backbone of the country’s economy as without your support, the government can not bring the country out of the economic crisis,” the prime minister said while addressing the business community in a ceremony held here.

He invited the business community to sit with the government to resolve their issues and challenges as this was the only way to move forward to bring development and prosperity to Pakistan.

“We should get together in the larger interest of the country and the brilliant minds should together find ways to resolve the challenges and problems hindering the country’s development and prosperity,” he said adding that this was the only way to regain our lost glory.

The prime minister highlighted that the government was fully focused on bringing revolution in sectors of agriculture, mines & minerals, information technology and industry.

He also expressed the government’s resolve to reduce unemployment, poverty and inflation in the country. For this, he said, the government needed support from the business community in the real sense.

As regards to the sugar situation in the country, the prime minister said the government would go for export of the commodity in case the sugar stock is in surplus. He said the government was also focusing on curbing smuggling of the commodity.

PM Shehbaz highlighted that due to the efforts of interim and current governments, positive news were being received in macroeconomic indicators.

“Current account is in surplus, remittances are going higher, inflation is moving down, and the stock exchange is showing record progress,” he remarked.

He promised to conduct the privatization process transparently without any bureaucratic delay and the government would consult the business community before concluding any transaction.

He said it was not the government’s job to run the businesses as the private sector was responsible to run the business and play their due role in the country’s development and prosperity.

The prime minister pointed out that the government paid rebates worth Rs 65 billion immediately after taking over the office. He asked the business community to bring in modern techniques and technologies and high-quality marketing to their businesses.

He said an amount of Rs 2.7 trillion of tax money was stuck in litigation. He said the government was trying to get the decisions of the cases as soon as possible.

Reporter: Ashraf Khan