Slowing the economy: Concerns over energy shortage

Addressing participants of the 18th senior management course at the National Institute of Management Karachi, he said that Faisalabad’s problems were not being resolved and a sizeable number of industries had been damaged, rendering hundreds of workers jobless.

“Despite being the third largest city of Pakistan and contributing immensely to the country’s foreign exchange earnings, Faisalabad has been suffering,” said Nawaz. “The massive decline in exports and non-serious attitude of authorities are causing issues for the entire economy.”

Responding to a question, FCCI Senior Vice President Syed Zia Alamdar Hussain said the cost of electricity in Pakistan is the highest in this region. “The industrial sector of Punjab has to compete not only with its regional peers, but also gas and electricity shortages.”

Hussain added that the value added textile exports recorded a phenomenal increase of 23% during the first year of GSP Plus status but gas shortage has hindered this growth.