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CAIRO (Egypt): The Apex Committee of the Special Investment Facilitation Council (SIFC) has approved an energy tariff of nine cents for the industrial sector against the current rate of 14 cents and the matter will be taken in the next Cabinet meeting.

This was stated by caretaker Federal Minister for Commerce and Industry Dr Gohar Ejaz while talking to Business Recorder on the sidelines of the 4th Pakistan Africa Trade Development Conference and Single Country Exhibition in Cairo. Replying to a question, the minister said the matter would also be taken with the International Monetary Fund (IMF) as it is not a subsidy.

“Yes nine cents has no subsidy rather industrial tariffs are subsidising other tariffs and a big anomaly has been unearthed and was presented to the SIFC”, Dr Ejaz added.

LCCI concerned at another increase in power tariff

He further said, “We can increase to two billion dollars per month with a regional tariff of nine cents which is even agreed with the Power Ministry and it should be a tariff for the complete industry also approved by the Apex Committee of the SIFC last week.”

He further said that a 20 billion dollar increase in exports is possible in one year for Pakistan, January to December, it only needs clear policies.

The minister envisioned a substantial boost in Pakistan’s exports, projecting a $20 billion increase for the year 2024 (January to December).

This optimistic outlook comes after concerted efforts by the caretaker team to address the challenges faced by Pakistani exports.

In July 2023, Pakistani exports had faced a setback, declining to $2.068 billion. Recognising the significance of this challenge, the caretaker setup, assuming office in August 2023, dedicated itself to enhancing exports and curbing the trade deficit, he added.

The results of these efforts are evident in the remarkable progress achieved by December 2023, with exports surging to $2.812 billion—a noteworthy increase of $511 million. The caretaker team’s strategic focus on elevating the export of manufactured goods has played a pivotal role in this success.

By ensuring adequate energy supplies for industrial production, Pakistan has successfully revitalised exports, particularly targeting markets in the USA and EU. This revival in export capacity sets the stage for Dr Ejaz’s optimistic projection of a $20 billion increase in exports for the upcoming year.

Dr Ejaz expressed confidence in the positive trajectory and emphasized his commitment to fostering sustained economic growth through robust export strategies.

Regarding the exhibition in Cairo, he said that a good response was observed and it was the first step in the right direction. Both countries have the same exports of around 30 billion dollars each and the same trade volume. It was an uncaptured market and expecting a huge response to boost the country’s exports, he added.

Copyright Business Recorder, 2024

Comments

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Az_Iz Jan 12, 2024 03:34am
According to one report in this paper, a big part of the increase in Dec 23 exports was due to food groups. It was not due to manufactured goods.
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Az_Iz Jan 12, 2024 03:39am
It is reasonable for the industry, to expect energy prices to be similar to regional competitors, it is not a given that it will lead to more exports and industrialization. They will probably park their additional profits in real estates or into assets outside the country.
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Amin Jibril Jan 12, 2024 05:46am
This guy is selling quack منجن.
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Aam Aadmi Jan 12, 2024 07:11am
Will SIFC look at the plight of the poor or just continue looking at industrialists? The Minister seems to be daydreaming allthe time with hardly any substance in what he talks about.
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Cool boy Jan 12, 2024 07:22am
IMF already pressed the pillow to choke public from high electricity and gas bills... Now who will pay for this? This is robbery by rich they better install renewables instead of leching the poor
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Muhomad saqib Saqib Jan 12, 2024 08:33am
Ok
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Notsurprised Jan 12, 2024 09:32am
The textile and land mafia representative gohar ejaz doing his job well, at expense of 99.9% of pakistanis. Wish GHQ can realize these tycoons that loot Pakistan since 1947 cannot be allowed to political roles.
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ABDUL KADIR BILWANI Jan 12, 2024 09:40am
The effect of energy tariff compared with neobouring competitive countries will boost textile export and the overall economic activity in the country let's hope it is practically implemented
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Waheed Jan 12, 2024 10:28am
There had been occasions when Pakistani exporters had been proposing to fix exchange rate to compete regional countries. Now it is being proposed to reduce energy costs for industry. Who will bear the costs, a common man.
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Az_Iz Jan 12, 2024 06:12pm
A few months later, when exports won't increase, the textile industry will say that if taxes on raw materials are removed, then they will promise $25 billion in textile exports. Else they will threaten, exports will drop to $12 billion. They already played this game to get the government to reduce energy prices. They will play this new game after a few months, when exports don't increase by much.
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Ayesha Siddiqui Jan 13, 2024 12:40am
Gohar ejaz is a fraud. He has been lying through aptma about regionally competitive energy tariffs. This is day light robbery.
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