FAISALABAD: Plugging loopholes of smuggling and ensuring availability of dollar at a stable rate was herculean task of the caretakers but at the same time provision of energy at regionally competitive rates is more imperative to catalyze the economy, said Dr Sajjad Arshad Acting President Faisalabad Chamber of Commerce & Industry (FCCI).
He was addressing to the participants of the 49th Mandatory Training Course at the Staff Training Institute Establishment and Administration Department Government of KPK. The participants of this course today visited FCCI and interacted with the office bearers on the role of the private sector in the national economy.
Dr Sajjad said that electricity is available at 8cent in India, 10 cent in Bangladesh and 6cent in Vietnam while it is available at 14cent in Pakistan which has enhanced the price of our exportable surplus. He said that caretakers intend to trim electricity rates at 9cent but we are waiting for the IMF nod.
He said that Pakistan is blessed with cheap labor in abundance and if electricity at competitive rate is ensured, our industrial sector could perform much better.
He also underlined the importance of the SME sector and said that it could neither expand their existing units nor introduce new technology due to the financial crunch and high cost of loans.
He mentioned the Chinese model and said that it was producing 50% cheap electricity through solar and wind while the remaining was generated through water. He said that the IMF has recently imposed a condition to enhance 14% imports to qualify for the installment of $1.1bn next month. He feared that it would directly hit the industrial sector due to the appreciation of the dollar against PKR.
About socio economic issues, the Acting President said that Pakistan is ranked at 161st position in health quality index while 46% women are anemic and 40% children are facing stunted growth.
He further said that 261 million children are out of school and we must provide them with basic facilities to make them a productive part of the society. He also introduced Faisalabad and FCCI and said that the business community was playing a commendable role for the uplift of the social sector.
Copyright Business Recorder, 2024
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