HYDERABAD: President Hyderabad Chamber of Commerce and Industry Adeel Siddiqui said export dependent industry was facing serious challenges and industrials sector’s problems were now multiplying. He said that it was leading to unemployment of labourers indirectly.

In a statement issued here Saturday, he said that gas tariff had been increased by 250pc and another 34pc increase in gas tariff for general and process industries could not be afforded by Pakistan’s economy. He said if international market was analyzed then cost of energy was showing declining trend the world over while it was increasing in Pakistan.

HCCI Chief maintained that nowhere exports could increase with 285pc raise in energy cost. He said that since gas tariff increased manifold it would automatically increase cost of production and resultantly exports could not be increased and Pakistan would not be able to compete in international market.

Siddiqui said this would increase Pakistan’s economic problems but it would also make things difficult for ensuring stability in dollar’s rate. He said that this decision of caretaker government would affect so many things but this should be reviewed as well. He said that industrial sector would not grow in absence of consistent economic policies regardless of government. He said that similarly increase of Rs4.26 in energy’s cost under fuel adjustment would also affect cost of doing business and small traders would suffer. He said that price hike was making living standard of people affecting seriously.

Siddiqui said that economic degradation and unemployment in society was leading to crime. He insisted that energy tariff could be controlled in the country provided line losses were controlled while comprehensive policy should be framed for recovery of receivables. He said that solar and wind energy should be focused by government. He said Pakistan was importing LNG worth $125bn which was an additional burden on economy.

HCCI Chief called for arranging gas through conventional and unconventional methods to make Pakistan’s energy sector self sufficient. He said that instead of relying on expensive LNG import research should be done on artificial gas through Thar coal project. He said that government should focus on its working and industrialists should be dealing with their businesses.

Copyright Business Recorder, 2024