High cost of doing business due to phenomenal spike in energy tariff and withdrawal of subsidy on electricity and gas is causing slump in economic activities in the country while squeezing purchasing power of consumers on account of high inflation has put the survival of many trade and industrial units in danger, stated Muhammad Ijaz Abbasi, President, Islamabad Chamber of Commerce and Industry (ICCI).
While commenting on present uncertain economic scenario in the country due to political and other factors. ICCI president said the current volatile situation in the country was discouraging the promotion and growth of business activities as over 30 small and medium steel re-rolling units in Karachi have shut down their operations because of slack construction work across the country due to rising prices of construction material including steel products.
ICCI president said that oil prices in international market are on the decline but government has not passed on this benefit to the general public. He said people as well as business and industry are facing problems due to rising inflation and high cost of production and called upon the government to immediately to bring down prices of oil products to provide some relief to general public and to promote the growth of economic activities in the country.-PR
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