Prime Minister Shehbaz Sharif said that the reduction in electricity prices is a key step towards industrial growth and improving the global competitiveness of Pakistani products, Express News reported.
Speaking at a meeting of the Economic Advisory Council, the Prime Minister described industrial development one of the main priorities of the government. He noted that a drop in electricity prices would reduce production costs, which would result in an increase in production and export potential.
“The reduction in electricity costs will help local industries reduce production spending, which will in turn allow Pakistani goods to compete internationally,” he said, adding that credit to obtain a reduction in prices after discussions with the International Monetary Fund (IMF) goes to the government’s economic team.
The meeting, held at the Prime Minister’s office, included consultations on export growth and economic policy. Participants expressed their satisfaction with the current government measures and praised the recent reduction in power tariffs for industries.
“Industrial development creates employment opportunities,” added the Prime Minister. “We improve the economy with expert contributions and a complete consultation process aimed at achieving sustainable development objectives.”
He highlighted the role of information technologies, the digitization of the tax system and regulatory reforms in improving the commercial climate and the attractiveness of investments.
Prime Minister Shehbaz also announced that a high-level delegation of eminent Pakistani exporters and business leaders would soon be sent to the United States to organize commercial talks and negotiate prices.
Participants in the Council proposed a range of political measures, including improving transport infrastructure for exporting products, alignment of vocational training with international standards and strengthening the promotion of Pakistani products through missions abroad.
They also recommended to move the policy of raw materials exports to value -added products and focused on research and development to support competitive manufacturing.
The members of the Council welcomed the recently held mineral investment forum and have suggested new reforms in the banking sector to facilitate export financing.
The PM Shehbaz ordered the economic team to compile a practical action plan based on the advice recommendations. He also asked for the training of sectoral sub-commies within the Economic Advisory Council to develop targeted proposals for each field.
