LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) recently highlighted the urgent need to bring down energy costs by reducing reliance on gas and promoting alternative energy resources.
“It is a matter of critical importance for sustaining industrial growth, enhancing export competitiveness and strengthening the national economy”, said President of the LCCI Faheemur Rehman Saigol while talking to a delegation of exporters. Senior Vice President Tanveer Ahmad Sheikh and Vice President Khurram Lodhi echoed the same sentiments.
The LCCI office-bearers said that with industrial gas prices in Pakistan around Rs2,350 ($8.1/MMBtu), significantly higher than in India ($6.96) and Bangladesh ($6.73), manufacturers are facing mounting cost pressures.
Pakistan’s export potential is immense, but high energy costs are acting as a major barrier, they added. A reduction in these tariffs will not only help existing exporters expand their reach but will also encourage new businesses to enter global markets.
They expressed confidence that with the right policy decisions Pakistan can enhance its global trade footprint, increase export revenues and pave the way for sustainable economic development.
