Business

Ejaz urges 9-cent energy rate for industries

Says industrial sector shouldn’t shoulder burden of subsidising other sectors

Our Correspondent March 03, 2024

Caretaker Interior Minister Dr Gohar Ejaz addressing the media after chairing the meeting regarding smooth conduct of general elections in Quetta on February 1, 2024. PHOTO: PID

ISLAMABAD:

Federal Minister of Commerce, Interior, Industries, Investments, and Overseas Pakistanis, Dr Gohar Ejaz, stressed the importance of maintaining energy prices at 9 cents per unit for industries to ensure the survival of Pakistan’s industrial sector.

In a recent statement, he emphasised the critical role of energy prices in sustaining industrial growth and competitiveness in Pakistan. The minister highlighted the necessity of providing industries with affordable power rates to support their operations and contribute to the country’s economic development.

Ejaz underscored the importance of maintaining energy prices at 9 cents per unit for industries, stating it is crucial for Pakistan’s industrial sector survival. He highlighted that industries shouldn’t shoulder the burden of subsidising other sectors, given their pivotal role in job creation, exports, and import substitution.

Read Homes hit, businesses reel as energy rates jacked up

Addressing the dilemma of subsidising households versus creating employment opportunities, Ejaz stressed the need to prioritise industrial growth to stimulate economic prosperity. He unscored the importance of boosting exports and ensuring Pakistan’s manufacturing sector’s viability to meet ambitious targets in global markets, including China, the Gulf Cooperation Council (GCC) countries, Africa, the Association of Southeast Asian Nations (ASEAN), the European Union, the United Kingdom, and the United States of America.

Providing electricity at 9 cents per unit to industries aims to level the playing field for local industries and enhance their global competitiveness. The proposal has received approval from the Special Investment Facilitation Council (SIFC), underscoring the government’s dedication to supporting industrial growth.

Ejaz expressed optimism that the incoming government would address the issue, enabling industries to operate more efficiently and make significant contributions to Pakistan’s economic prosperity.

Published in The Express Tribune, March 3^rd, 2024.

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