Industries need low-cost energy: LCCI

Industries need low-cost energy to bring down their cost of doing business and to keep their merchandise competitive in the international market.
LCCI President Irfan Iqbal Sheikh said cut in energy prices would be a great relief to the industries and traders who are suffering heavily because of circumstances fabricated by the coronavirus.
He said that high cost of doing business is one of the major issues being faced by the industrial sector and industries need support of the govt to bring down their input cost to ensure prominent presence in the international market. Definitely, it would bring much-needed precious foreign exchange to the country and reduce financial pressure.
The LCCI president said that it is not the industrial sector alone but the agriculture sector would also flourish if government reduces the energy prices. He said that Pakistan’s agriculture sector is engine of growth. He said that cut in petroleum prices would decrease the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells and other agriculture machinery.
Irfan Iqbal Sheikh was of the view that the timeline for reducing the energy prices is best as all sectors are suffering heavily. Major cut in energy prices would help them to back on their feet.
He further stated that Pakistan needs development of renewable energy resources as it would be prevailing in future. Government should encourage local and foreign investors to invest in this area and not only serve the country but also gain huge benefits.
He said that country has vast scope for renewable energy and its promotion will definitely reduce oil import bill of the country besides reducing the cost of doing business and living cost of the common man. He said that solar penal and small wind turbines can easily be installed in residential colonies for power generation.