KARACHI: Irfan Iqbal Sheikh, President FPCCI, has strongly condemned the unscheduled, unrestricted and destructive load shedding in Karachi to the tune of 10–15 hours; which is not only destroying the local economic and commercial activities, but also creating crisis-like situation for many export-oriented industries as various industries and sectors are interlinked and intertwined.
He added that hundreds of business owners have contacted FPCCI with their tales of unbearable losses and impending bankruptcies.
He informed that business, industry and trade community in Karachi has already suffered financial losses running into tens of billions of rupees over the past 4–6 weeks due to unprecedented load shedding. Furthermore, there is no end to this ordeal in sight.
FPCCI Chief maintained that if the exports are affected due to load shedding, there will be further strain on trade deficit, current account, rupee value and foreign exchange reserves and, this effectively makes the load shedding in Karachi an issue of national economic security.
Additionally, credibility and goodwill is everything in export markets; and, when an export order is delayed or cancelled, it is very difficult for traders to regain the market access or orders.
Irfan Iqbal Sheikh stated that if the economic and commercial activities in Karachi are disrupted, the entire country will be affected.
He has demanded that the federal and provincial governments should swing into action at the highest level; and, take the stakeholders into confidence over the plan of action to tackle the situation.
Irfan Iqbal Sheikh emphasized that law and order situation is also under threat due to lack of any empathy from K-electric to the people of Karachi; and, the reasons behind it are mismanagement and maladministration.
He has called upon the management of K-electric to come up with an elaborate and workable solution for the business community.
Suleman Chawla, SVP FPCCI, categorically mentioned that K-electric should know better that these are extraordinary circumstances and will be resolved only through extraordinary measures; and, the business community can only support K-electric, if we can see seriousness on their part.
Copyright Business Recorder, 2022