ICCI President Ahmad Hassan Mughal said in a statement on Tuesday that in developed economies energy cost was set at affordable level for private sector to spur production, investment, trade, exports and economic growth.

But, he said that the energy cost for industrial and commercial sectors in the country was already highest in the region due to which exports were facing stiff competition in the international market.

He said that Pakistan was facing high trade and fiscal deficits and the best way to overcome these twin deficits was to facilitate the growth of trade and exports.

Raffat Farid, Senior Vice President and Iftikhar Anwar Sethi, Vice President of ICCI said that Pakistan was producing most of the energy from thermal sources, while rising oil prices at international market and falling value of rupee was making thermal power very costly.

They urged the government for reducing reliance on thermal power and focus on renewable energy sources including wind, hydro and solar power that would bring down the cost of production, facilitate the growth of manufacturing activities, give boost to exports, encourage local and foreign investment and help in reviving the economy.