'Govt must prioritise resolution of energy crisis'

RECORDER REPORT

Lahore: The new prime minister's top priority should be to overcome the energy crisis so that the industry could operate at its maximum potential, former president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Vice-President of Saarc CCI Iftikhar Ali Malik said on Sunday.

Talking to Business Recorder, Malik said that Pakistan was suffering a loss of $8-10 billion in foreign exchange earnings, besides facing the effects of unemployment and under-employment of millions of skilled and non-skilled workers because of persistent gas and electricity shortages since 2008.

"Earlier Raja Pervaiz Ashraf had been Federal Minister for Water and Power, thus he is fully aware of the gravity of the situation. He is also aware of...fast-track solution to this economically crippling problem," the veteran business leader said.

Malik said that the deteriorating law and order situation coupled with energy shortages had rsulted in an economic slump, besides markedly depreciating the rupee. "The industrial infrastructure and expertise is there, but we need energy to exploit it," he added.

He said that the goovernment should also ensure equal distribution of gas and electricity cuts to calm the business community in Punjab who "are concerned about their future".

He suggested that all the political and administrative forces should cooperate with each other for the sake of the recovery and stability of national economy. The energy crisis, he said, had already left millions of workers jobless, while forcing industrialists to pay high mark-up rates without being productive. "Therefore, they are fast relocating their industrial units and expertise abroad."

Highlighting immense pressure on the country's economy, he said that mismanagement, pressure on rupee, enhanced imports, reduced exports and alarming reduction in foreign investment should be tackled on a priority basis by the government.