KARACHI: Johar Qandhari, President of the Korangi Association of Trade and Industry (KATI), has urged the government to engage in dialogue with industrialists to address the issue of electricity and gas prices promptly, thereby facilitating economic stability for Pakistan. However, he expressed satisfaction over the recent uptick in production within the large scale manufacturing sector.

While acknowledging the positive impact of increased production, particularly in the textile sector, on exports, Qandhari noted that the growth surge is transient due to the upcoming Eid festivities.

President KATI emphasized that Pakistan's production costs remain significantly higher compared to neighboring countries in the region. He underscored the urgent need for cost-reduction measures to sustain and bolster industrial activities.

Qandhari pointed out that the industrial sector faces challenges stemming from escalating electricity and gas prices, exacerbating operational difficulties for businesses.

Expressing apprehension, he raised concerns over the International Monetary Fund's (IMF) proposed further hike in gas prices. Asserting the vital role of industrialization and exports in fostering economic development, Qandhari stressed the imperative of lowering production costs and interest rates.

Copyright Business Recorder, 2024