LAHORE, Jan 19: Federal Minister for Industries and Production Mian Manzoor Ahmed Wattoo has said that a summary for cut in interest rates would be presented before the federal cabinet shortly.

Speaking to businessmen and industrialists at the Lahore Chamber of Commerce and Industry, the minister said the existing high interest rates required to be reduced because these were not only increasing the cost of doing business, but also affecting competitiveness of industrial products.

He said high interest rates were among the three major issues hampering the industrial growth. Electricity loadshedding and gas shortage were the other two issues. The government, he said, was trying to resolve all the three issues with commitment and political will. Power loadshedding would be dispensed with, hopefully by December 2009.

Energy situation was being monitored on a daily basis at both the Prime Minister’s House and the President’s House and both long and short-term policies were being evolved to ensure relief to the industry.

He said priorities required to be reset for ensuring continued supply of gas to the industry.

He said that industry required to be supplied gas on top priority basis instead of domestic consumers and CNG stations.

He said that SMEDA had been assigned the task of revival of sick units and the Trade Development Authority of Pakistan would provide necessary assistance for achieving the objective.

Referring to the demand for bringing transparency in the Steel Mills affairs, the minister said that comments had already been sought from its administration for dispensing with quota system and dispose of products through open auction on the basis of minimum international prices. Regarding upcoming industrial policy, he said the chambers of commerce and industry should submit their proposals for incorporation in the policy.

A joint meeting of chambers of commerce and industry would also be convened at Islamabad in the near future.