SIALKOT: President Sialkot Chamber of Commerce and Industry Abdul Ghafoor Malik has raised an alarm regarding the important issue of soaring energy prices plaguing the industrial landscape.
In his assessment of the prevailing energy crisis, President SCCI underscored the adverse impact of exorbitant electricity costs on the country’s manufacturing and export sectors.
He asserted that the recent surge in energy rates, as evidenced by the issuance of electricity bills with an alarming increase of up to 80 to 100 percent, was a significant setback for the manufacturing cum export sector of the country.
He said that escalation, attributed to an assortment of levies and taxes, presents a dangerous challenge that cannot be ignored.
Malik underlined the compounding effect of this crisis on the competitiveness of Pakistani exporters on the world stage.
He said that the substantial hike in the electricity component within the manufacturing cost, effectively doubling the burden, would put exporters at a disadvantage amidst intense international competition.
Skyrocketing Energy Costs Causing Difficulties for Exporters
Expressing his serious concerns, President SCCI said that the skyrocketing energy costs had made it difficult for exporters to maintain their competitive lead and sustain international commitments.
Malik also expressed concerns about the potential cancellation of orders and its implications on exporters’ capacity to fulfill their international obligations.
Drawing attention to the recent statement by Caretaker Minister for Commerce and Industries, Dr. Gohar Ejaz, wherein he highlighted the need to attain a considerable export target of 80 billion dollars to fuel the country’s economic momentum, he said that while the government had urged exporters to reach an ambitious goal, the simultaneous hike in energy costs had put them in a challenging predicament, wherein sustenance seemed very improbable let alone increase the exports.
In light of this critical situation, Malik urged Prime Minister of Pakistan Anwar-ul-Haq Kakar to take immediate cognizance of the situation.
