ICCI for focusing on hydro, renewable energy to produce cheep electricity for industry   

• The ICCI President said that Pakistan’s heavy reliance on fossil fuels for energy generation was the main cause of high cost of doing business.
• He said that it would further push up production cost, increase inflation for people and make the exports uncompetitive in the international market and urged the government for withdraw this move of NEPRA.

ISLAMABAD: The business community of Federal Capital on Saturday urged the government for taking all possible measures to reduce its reliance on fossil fuels and exploit untapped hydro energy source for power generation in order to provide cheep electricity to industry for making more competitive gods for local consumption as well as to export.

They said that it was high time that government should make transition from conventional and to renewable energy sources for generating cheap electricity for industrial development and trade promotions.

In a statement, President Islamabad Chamber of Commerce and Industry Ahmed Hassan Moughal said that businessmen were facing problems due to multiple factors and in these conditions, allowing another average increase of 54 paisa per unit in power tariff would entail negative impact on business sector.

He said that it would further push up production cost, increase inflation for people and make the exports uncompetitive in the international market and urged the government for withdraw this move of NEPRA.

The ICCI President said that Pakistan’s heavy reliance on fossil fuels for energy generation was the main cause of high cost of doing business.

Rafat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President ICCI urged the government for reducing duties and taxes on renewable energy related equipment to make this source of energy easily accessible for people. They said that the energy generated through fossil fuels was not only very costly, it was polluting the environment while government was also spending billions of dollars on import of oil.

They said that renewable energy was environment-friendly and cost-effective, therefore, they emphasized that government should pay more attention to this important source of energy.

They were of the view that transition from conventional to renewable energy sources would enable the country to avoid repeated hikes in power tariffs and provide cheap energy to businesses that would help in better growth of business activities.