FAISALABAD: Government must provide electricity and gas at regionally competitive rates in addition to restoring the facility of zero rating to save the industrial sector from total collapse, said Atif Munir Sheikh, President Faisalabad Chamber of Commerce & Industry, (FCCI).
Participating in a private TV channel programme, he said that 1.2 million workers are directly linked with the textile sector while 65% industries have been closed down due to the recent wave of inflation and measures taken by the government. “Running industrial units with a three-time high cost of fuel is actually impossible”, he said and added that the remaining 35% industries are working only due to the sympathetic attitude of its owners as they did not want to render their workers jobless.
He said that if this workforce came on the roads, it would be a new problem for the government. He said that during Covid-19, when the industrial sector throughout the world was closed, our industry continued to work under the strategy of smart lockdown. “As a result of this policy our exporters received billions of orders which were meant for China, Vietnam, Bangladesh and India,” he said and added that during this period our industries were working with hundred percent capacity and many units had placed orders for new machinery to expand or upgrade their units.
He said that the amount of imported machinery is 400 billion dollars and 70% machinery has already landed in Pakistan but our industrialists are now in a quandary due to the uncertain economic conditions prevailing in Pakistan. He said that we were expecting that the import substitution industry would grow due to the ban of various luxury items and rise in freight charges but this dream is not being materialized.
Responding to a question about inflation, he clarified that subsidies provided for the industrial sector fall under the preview of development and it could not be considered a burden on the national kitty.
He said that the industrial sector was getting electricity and gas at subsidized rates for the last three and half-year despite the Covid-19. He said that the business community has no affiliation with any political party as their interests are directly linked with the industry, business and trade.
Copyright Business Recorder, 2022
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