LCCI asks to cut energy prices

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Irfan Iqbal Sheikh said the timeline for reducing energy prices was best as all sectors were suffering.

“Major cut in energy prices would help them get back on their feet,” he said in a statement on Wednesday.

He said the high cost of doing business was one of the major issues being faced by the industrial sector and industries needed support of the government to bring down their input cost to ensure prominent presence in the international market.

“Definitely, it would bring much-needed precious foreign exchange to the country and reduce financial pressure. It is not the industrial sector alone but the agriculture sector would also flourish if government reduces the energy prices,” he added.

Sheikh further said that Pakistan needs to develop renewable energy resources, and government should encourage local and foreign investors to invest in this area.