Prime Minister Shehbaz Sharif said that reducing electricity rates is a key step towards industrial growth and improving the global competitiveness of Pakistani products, said Express News.
Speaking during a meeting of the Economic Advisory Council, the Prime Minister described industrial development as one of the main priorities of the Government. He pointed out that a cut in energy prices would reduce production costs, which would lead to an increase in production and export potential.
“The reduction of electricity costs will help local industries reduce production expenses, which in turn will allow Pakistani goods to compete internationally,” he said, added that the credit to ensure a reduction in tariffs after discussions with the International Monetary Fund (IMF) is destined for the government’s economic team.
The meeting, held at the Prime Minister’s office, included consultations on exports and economic policy. The participants expressed their satisfaction with the current government measures and praised the recent reduction of power tariffs for industries.
“Industrial development creates employment opportunities,” added the prime minister. “We are improving the economy with expert contributions and a comprehensive consultation process aimed at achieving sustainable development goals.”
He highlighted the role of information technology, digitalization of the fiscal system and regulatory reforms to improve business climate and attract investment.
Prime Minister Shehbaz also announced that a high -level delegation of outstanding exporters and business leaders Pakistani would soon be sent to the United States to hold commercial conversations and negotiate rates.
The participants in the Council proposed a variety of political measures, including the improvement of transport infrastructure for export goods, aligning vocational training with international standards and strengthening the promotion of Pakistani products through missions abroad.
They also recommended changing the approach to the policy of raw material exports to valued goods and emphasized research and development to support competitive manufacturing.
The council members praised the recently held mineral investment forum and suggested more reforms in the banking sector to facilitate export financing.
Prime Minister Shehbaz ordered the economic team to compile a practical action plan based on the recommendations of the Council. He also instructed the formation of specific subcommittees of the sector within the Economic Advisory Council to develop specific proposals for each area.
