Lahore, July 10, 2020 (PPI-OT): President of the Lahore Chamber of Commerce and Industry Irfan Iqbal Sheikh has said that balanced energy prices can act as an economic booster therefore, these should be reduced for the trade and industry. The LCCI President expressed these views while talking to a delegation of leading businessmen at the Lahore Chamber of Commerce and Industry. LCCI Vice President Mian Zahid Jawaid Ahmad was also present on the occasion.
“Industries need low-cost energy to bring down their cost of doing business and to keep their merchandise competitive in the international market”, Irfan Iqbal Sheikh added. He said cut in energy prices would be a great relief to the industries and traders who are suffering heavily because of circumstances fabricated by the coronavirus.
The LCCI President said that high cost of doing business is one of the major issues being faced by the industrial sector and industries need 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.
He said that it is not the industrial sector alone but the agriculture sector would also flourish if government reduces the energy prices. He said that Pakistan’s agriculture sector is engine of growth. He said that cut in energy prices would decrease the input cost of agriculture production. Irfan Iqbal Sheikh was of the view that the timeline for reducing the energy prices is right and a major cut in energy prices would help industries to back on their feet.
He further stated that Pakistan needs development of renewable energy resources as it would be prevailing in future. Government should encourage local and foreign investors to invest in this area and not only serve the country but also gain huge benefits. He said that country has vast scope for renewable energy and its promotion will definitely reduce oil import bill of the country besides reducing the cost of doing business and living cost of the common man.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan