Prime Minister Shehbaz Sharif said the reduction of electricity stars is a key step towards industrial growth and improving the global competitiveness of Pakistani products, Express News reported.
When we spoke during a meeting of the Economic Consulting Council, the Prime Minister called Industrial Development one of the government’s highest priorities. He noted that a reduction in power prices would lower production costs, which led to increased production and export potential.
“Reducing electricity costs will help local industries lower production costs, which in turn will allow Pakistani goods to compete internationally,” he said, adding that the honor of ensuring a reduction in customs duties after discussions with the international monetary finding (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 satisfaction with the government’s current 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 input and a comprehensive consultation process aimed at achieving sustainable development goals.”
He highlighted the role of information technology, digitization of the tax system and regulatory reforms in improving the business climate and attracting investment.
PM Shehbaz also announced that a high -level delegation of prominent Pakistani exporters and business leaders would soon be sent to the United States to hold trade interviews and negotiate customs.
Participants in the Council proposed a number of political measures, including improving transport infrastructure for export goods, adaptation of vocational education with international standards and strengthening the promotion of Pakistani products through overseas missions.
They also recommended to shift political focus from raw material exports to value added goods and emphasized research and development to support competitive production.
Council members praised the recently held Mineral Investment Forum and proposed further reforms in the banking sector to facilitate export financing.
PM Shehbaz instructed the financial team to prepare a practical action plan based on Council recommendations. He also directed the formation of sector -specific subcommittee within the financial advisory council to develop targeted proposals for each area.
