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Business leaders in Pakistan have called for a major reduction in electricity prices, saying high energy costs are making local industries less competitive compared with businesses in other countries in the region.
According to a report published by Dawn, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Patron-in-Chief S.M. Tanvir said electricity costs for Pakistani businesses had fallen from around 17 cents to 12 cents, but were still significantly higher than the roughly seven cents charged in some regional countries. Speaking at receptions in Hyderabad, Tanvir said the government needed to bring energy costs down further to support economic growth and industrial activity, Dawn reported. Tanvir also raised concerns about multiple taxes, the high policy rate, fuel shortages and measures taken by the Federal Board of Revenue (FBR). He alleged that FBR officials were entering factories and intimidating businesspeople. At the same time, he said businessmen were required to pay taxes because tax revenue was necessary to keep the economy running. According to Dawn, Tanvir also linked continuing wars to inflation, saying prolonged conflicts could make it difficult to control rising prices. He further called for the establishment of more special economic zones similar to those in Dhabeji and Khairpur. FPCCI President Atif Ikram Shaikh assured Hyderabad's business community that the organisation would support efforts to address their concerns. He also said he would discuss the possibility of starting a cargo railway service in Hyderabad with the federal railways minister, Dawn reported. Outgoing Hyderabad Chamber of Small Traders and Small Industry President Saleem Umer Memon said businesses were making a significant contribution to Pakistan's economy but needed a simpler taxation system and improved infrastructure. President-elect Nadeem Siddiqui said Hyderabad's SITE industrial area generated an estimated Rs120 billion to Rs200 billion through industrial production. However, Dawn reported that he said poor infrastructure was limiting the area's potential and called for its improvement. The business leaders also urged the government to improve industrial facilities and infrastructure in Hyderabad to support local businesses and increase economic activity. (ANI)
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