The Lahore Chamber of Commerce and Industry (LCCI) Tuesday appreciated the government’s proactive measures to review annual agreements with IPPs (Independent Power Producers) aimed at bringing down per unit electricity cost.
“This initiative is seen as a crucial response to the long-standing demand of the Lahore Chamber of Commerce and Industry regarding high cost of electricity that has hit the businesses, particularly the manufacturing and export sectors,” said LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry while talking to various groups of businessmen here. The LCCI office-bearers emphasized the importance of affordable energy as a fundamental driver of economic growth. They said that the government’s recent initiatives of tackling the IPPS issue to bring down energy prices are not just welcome news for the business community but they represent a vital lifeline for many industries which have been struggling to cope with exorbitant costs.
They said that the reduction in energy cost would enhance the overall competitiveness of Pakistani products, enabling the businesses to operate more efficiently and increase their productivity. They pointed out that lower energy costs would allow companies to pass on savings to consumers, thereby stimulating demand and potentially leading to greater economic activity. They said that the measures to reduce energy prices are a significant milestone and would provide much-needed relief to businesses which have been burdened by high operational costs. They added that the relief in energy prices would particularly benefit sectors such as manufacturing, agriculture and exports-oriented industries, which are vital to Pakistan’s economy. They stressed the importance of maintaining stable and predictable energy pricing to support sustained industrial growth and to encourage foreign investment. The LCCI office-bearers also termed the government efforts as a good news for Small and Medium Enterprises (SMEs) that often face cash flow issues. They said that SMEs form the backbone of the economy and are critical to job creation. They said that this initiative will empower SMEs to invest in innovation, expand their operations and contribute more significantly to the national economy. They said that the government’s approach to the needs of the business community is commendable and foster a collaborative spirit necessary for economic recovery and growth.