LCCI opposes govt’s plans to raise KPT charges & utility prices

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) have vehemently opposed the government’s plans to raise Karachi Port Trust (KPT) charges and utility prices, citing grave repercussions for trade and industry.

LCCI President Kashif Anwar denounced the proposed hikes, asserting that they would inflict severe damage on an already struggling economy. “These measures are bound to hurt our industries and impede economic growth,” remarked Anwar.

Of particular concern is the significant increase in handling/delivery charges at KPT by Karachi Gateway Terminal Limited (KGTL), which has sparked anxiety among importers of steel coils, wire rods, and round bars. Anwar emphasized the urgent need to address this issue to prevent further financial strain on businesses.

Anwar emphasized the timing of these increases as particularly ill-advised, given the prevailing economic challenges and impending political transition. He stressed the importance of prioritizing measures to reduce the cost of doing business and enhance competitiveness in international trade.

The LCCI President warned that raising gas, electricity, and petroleum prices would exacerbate the already high operational costs for industries, potentially leading to substantial losses and hampering export activities. He called for greater private sector involvement in decision-making processes to ensure representation and fair regulation.

The proposed hikes, if implemented, could push production costs to unsustainable levels, jeopardizing Pakistan’s standing in global export markets. Anwar urged policymakers to reconsider these measures in the broader interest of the economy, trade, and industry.

In conclusion, Anwar expressed hope that authorities would recognize the gravity of the situation and retract these detrimental decisions before they inflict further harm.

Copyright Business Recorder, 2024