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October 11, 2020

‘Power tariff hike making Pak products uncompetitive’

Business

October 11, 2020

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lamented frequent increase in the energy prices and said it is making Pakistani products uncompetitive in the international market, a statement said on Saturday.

"Pakistan is losing the international markets to China, India and even Bangladesh," FPCCI President Mian Anjum Nisar said. Although the oil prices were linked with the international prices, the benefit of decline in oil prices had not been passed on to the consumers for quite a long time, he added.

According to Consumer Price Index (CPI) data, electricity prices increased over 23 during a year sans the impact of monthly fuel price adjustment and other charges.

Last month, the International Monetary Fund (IMF) advised Pakistani government to hike the prices of gas and electricity for consumers.

"Trade and industry is the backbone of the economy, which generates more than 90 percent of the government's total resources. Therefore it can make a great contribution in turning Pakistan into one of the greatest nations in the world provided due facilitation and an enabling business atmosphere are ensured,” Nisar said.

FPCCI also called for taking the real stakeholders onboard for an ultimate object of sustainable and inclusive growth trajectory. He stressed the need to design policies in consultation with the real stakeholders to address the economic challenges such as inflation, stagnant exports and resource mobilisation.

Policymaking in consultation with the private sector would overcome the economic challenges, besides removing hitches to speedy economic recovery, he added.

“The FPCCI has been working with the government to utilise its abilities to review the overall economic situation and coordinate policy actions in an effective manner to achieve the desired targets of key economic indicators.”

The FPCCI president said there was significant growth in foreign exchange reserves and foreign direct investment with decline in the current account deficit.