With 90 percent increase in petroleum prices in last four years and increases in electricity cost and gas prices, the manufacturing cost of exportable goods has increased substantially making Pakistani exports uncompetitive at international level and wide opportunity for our rivals; India, Bangladesh and China to capture our hard-won markets.
These views were expressed b Chairman Pakistan Textile Exporters Association (PTEA), Rana Arif Tauseef here on Friday commenting on recent hike in petroleum prices in the country. Rana Arif termed it an anti-industrial decision at a time when the economic activities are shrinking due to multiple factors and this hike will produce overall damaging effects on the economy.
This drastic increase will not only affect the industrial productivity, but will also put an adverse impact on the country's overall economy, he added. He said that recent hike will directly affect the industrial sector. Due to rising cost of production in Pakistan, foreign investors are moving to other countries of the region.
Current state of economy demands that government should create conducive environment for better growth of economic activities. PTEA chairman said the frequent increase in gas, power and petroleum prices will discourage local and foreign investment. He demanded that government should take back this decision to save economy from further damage.