KARACHI/LAHORE: Reduction in electricity tariff for small and medium enterprises (SMEs) and industries will positively impact local markets and create a tendency to overcome inflation which will spur economic growth, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar said on Tuesday.

“The prime minister’s announcement has been warmly welcomed by business, trade and industry,” he said at a press conference held at the Federation House in Karachi.

Hailing PM Imran Khan’s decision for reducing electricity tariffs for SMEs and industries, he said the FPCCI was striving for a balanced electricity tariff for industries to compete with the regional trade for a long time. “The struggle has now been fulfilled and the government realised the issue,” he added.

The FPCCI chief urged trade and industry to avail full benefits of the facility and play their part to increase production and volume of export. The government has already decreased the policy interest rates and established a network of economic zones. “The electricity relief package would ultimately provide support in decreasing expenses and industries would be able to compete with regional contemporaries,” he added.

In a statement issued on Tuesday, Pakistan Readymade Garment Manufacturing and Exporters Association (PRGMEA) regional chairman Adeeb Iqbal Sheikh lauded the government’s decision of implantation of minimum off peak hour electricity tariff for SMEs to accelerate manufacturing, production and boost exports.

Published in Dawn, November 4th, 2020