Cheap energy a must for Large Scale Manufacturing Sector growth: Lahore Chamber of Commerce and Industry

Lahore, December 26, 2015 (PPI-OT): Cheap energy is a must to keep momentum of Large Scale Manufacturing Sector growth. Therefore, the government should avail all avenues to ensure affordable energy supply particularly in the wake of China-Pakistan Economic Corridor (CPEC) that would expedite industrialization.

In a statement issued here, the LCCI President Sheikh Muhammad Arshad and Vice President Nasir Saeed said that sudden increases in electricity, gas and POL prices in the past have shattered the future planning of industrial sector. They said that Prime Minister Mian Nawaz Sharif has shown wisdom by denying increase in gas price but trade and industry need more support from the government to bring down their input cost.

The LCCI President Sheikh Muhammad Arshad said that price of crude oil is at its lowest but government has not passed on its full benefit to the trade, industry and agriculture sector. He demanded of the government to reduce petroleum price by at least Rs. 20/= per litre considering the lowest oil prices in the international market.

He said that price of crude oil in the international market has come down to $ 37 per barrel but policy makers are reluctant to pass on the benefit to the trade and industry and masses with this ratio. He said that it is a sheer injustice that traders and masses are not given the benefit of crude oil price reduction. They are still suffering and paying heavy cost of electricity and transport fares.

He said that only because of high cost of doing business in Pakistan, a large number of industrial units had already lost their due place in the international market. He said that it is not the industrial sector alone but the agriculture sector is also suffering badly because of high prices of petroleum products.

“Pakistan agriculture sector is engine of growth. Cut in petroleum prices would bring down the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk