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Sialkot, August 28, 2023 (PPI-OT): Mr. Abdul Ghafoor Malik, President of the Sialkot Chamber of Commerce and Industry, has raised an alarm regarding the critical issue of soaring energy prices plaguing the industrial landscape. In his assessment of the prevailing crisis, Mr. Malik highlighted the adverse impact of exorbitant electricity costs on Pakistan’s manufacturing and export sectors.
The President Chamber emphasized that the recent surge in energy prices, as evidenced by the issuance of electricity bills with an alarming hike of up to 80 to 100%, is a substantial setback for the manufacturing cum export sector of the nation. “This escalation, attributed to an assortment of taxes and levies, presents a formidable challenge that cannot be ignored” he added.
The President highlighted the compounding effect of this crisis on the competitiveness of Pakistani exporters on the global stage. He said that the substantial increase in the electricity component within the manufacturing cost, effectively doubling the burden, would place exporters at a disadvantage amidst intense international competition. Expressing his grave concerns, Mr. Malik said that the skyrocketing energy costs had made it arduous for exporters to maintain their competitive edge and sustain international commitments.
Mr. Malik also expressed apprehensions about the potential cancellation of orders and the subsequent implications on exporters’ capacity to meet their international obligations. Drawing attention to the recent statement by Caretaker Minister for Commerce and Industries, Dr. Gohar Ejaz, wherein he underscored the need to attain a significant export target of $80 billion to fuel Pakistan’s economic momentum, the President said that while the Government had called for exporters to reach an ambitious goal, the simultaneous escalation in energy costs had placed them in a challenging predicament, wherein sustenance seemed highly improbably let alone increase the exports.
In light of these critical circumstances, Mr. Malik urged Prime Minister H.E. Anwar ul Haq Kakar to take immediate cognizance of the situation. He appealed for urgent relief for the export sector through the re-introduction of Regionally Competitive Energy Tariffs tailored specifically for the five crucial export-oriented sectors.
Mr. Abdul Ghafoor Malik stated, “We stand at a crossroads, where swift intervention is essential to protect the interests of our exporters and the economic prosperity of our nation. The re-introduction of Regionally Competitive Energy Tariffs is not just a necessity; it is a lifeline for our industry, our exports, and our collective economic future.”
For more information, contact:
Sialkot Chamber of Commerce and Industry (SCCI)
Shahrah-e-Aiwan-e-Sanat-o-Tijarat, Sialkot – 51310, Pakistan
Phone: +92-52-4261881-3
Fax: +92-52-4268835, +92-52-4267919
E-mail: sialkot@scci.com.pk
Website: http://www.scci.com.pk
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