LAHORE: The LCCI President Mian Abuzar Shad on Wednesday called for reforms in energy sector to help resolve grave challenges being faced by the country.
The LCCI President was speaking at the inauguration ceremony of three-day Pakistan Energy Expo at Lahore Expo Center.
Mian Abuzar Shad inaugurated the exhibition along with Acting Chinese Consul General Mr. Cao and Chief Organizer of the Expo Atif Zeeshan in the presence of
In his address at the opening ceremony, Mian Abuzar Shad stressed the urgent need for reforms in the energy sector, particularly to reduce energy tariff which has become a major challenge for the business community. He highlighted that energy is a crucial necessity in today’s world but its rising costs in Pakistan are severely impacting industries and the economy. As a result, the demand for energy has also seen a noticeable decline.
Mian Abuzar Shad said that the high capacity charges paid to Independent Power Producers (IPPs) are not only a burden on the national treasury but also a major factor behind the rising electricity costs.
He said that IPPs have earned multiple times their initial investments and called for a more regulated and transparent energy sector. He also underscored the need to promote alternative energy sources, such as solar and wind energy as people in Pakistan are increasingly turning towards these options.
He urged the government to take measures to make renewable energy sources more accessible to both industries and the public to address the ongoing energy crisis. He said that countries like Bangladesh and India have much lower electricity costs, which has enabled their industries to thrive. If electricity is given to Pakistani industries at 9 cents per unit, the industrial sector could regain momentum.
Mian Abuzar Shad expressed satisfaction that the government has made significant progress in controlling certain issues, resulting in a decrease in inflation, the value of the dollar and petroleum product prices. However, he pointed out that while every Pakistani citizen is paying taxes, the country's tax system remains complicated and needs simplification to increase the tax base and strengthen the economy.
The Acting Chinese Consul General Cao Ke, who also attended the event, expressed China's interest in forming joint ventures with Pakistani companies to enhance economic cooperation between the two nations. He stated that China and Pakistan share a brotherly relationship, and China is committed to further strengthening its ties with Pakistan.
Chief Organizer Atif Zeeshan stated that the primary objective of the Pakistan Energy Expo is to find sustainable solutions to the country's energy crisis. He said that Pakistan must adopt alternative energy resources, with solar and wind power playing a pivotal role. The participation of various stakeholders in the expo underscored the importance of exploring alternative energy sources to resolve the energy challenges.
Copyright Business Recorder, 2024