Hyderabad : President of the Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), Muhammad Saleem Memon, has praised the Pro-Growth Economic Package announced by the Prime Minister of Pakistan, calling it a historic and far-reaching initiative for the promotion of industry, trade, and exports.
He stated that in the current economic environment, where industry is facing high production costs, expensive energy, limited financing, and weak export performance, this package will prove to be a true game changer and will help restore the confidence of the business community.
Mr. Memon welcomed the 300 basis points reduction in the Export Refinance Rate, bringing it down from 7.5 percent to 4.5 percent, and termed it a timely and highly encouraging decision for exporters. He noted that this step will boost exports, which in turn will help reduce the current account deficit and strengthen the national economy.
He also appreciated the reduction of Rs. 4.04 per unit in industrial electricity tariffs and the lowering of wheeling charges to below Rs. 9 per unit, stating that these measures will significantly reduce production costs and enhance the competitiveness of Pakistani industry in global markets.
However, the HCSTSI President emphasized that electricity prices must be brought down to the international benchmark of 9 cents per unit (in dollar terms). He stressed that until unnecessary and expensive IPP agreements are reviewed and terminated, and capacity charges are eliminated, the country’s energy system cannot be fully corrected.
He further added that reducing the cost of gas is equally essential for both industry and domestic consumers, as the high prices of both energy sources have become a heavy burden on the national economy.
According to Mr. Memon, these reforms will not only increase industrial output but also generate employment opportunities, attract local and foreign investment, stabilize foreign exchange reserves, and significantly improve the country’s GDP growth.
he commended the Prime Minister, the Federal Cabinet, and the relevant institutions for this industry-friendly and visionary policy, and expressed hope that the government will continue to introduce further reforms in close consultation with the business community to steer Pakistan toward sustainable economic growth.
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