Prime Minister Shehbaz Sharif said that reducing electricity tariffs is a key step towards industrial growth and enhancing the global competitiveness of Pakistani products, Express News reported.
Speaking during a meeting of the Economic Advisory Council, the PM termed industrial development one of the government’s top priorities. He noted that a cut in power prices would lower production costs, leading to increased output and export potential.
“Reducing electricity costs will help local industries lower production expenses, which in turn will enable Pakistani goods to compete internationally,” he said, adding that the credit for securing a reduction in tariffs after discussions with the International Monetary Fund (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,” the prime minister added. “We’re improving the economy with expert input and a comprehensive consultation process aimed at achieving sustainable development goals.”
He highlighted the role of information technology, digitisation 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 talks and negotiate tariffs.
Participants in the council proposed a range of policy measures, including enhancing transport infrastructure for export goods, aligning vocational training with international standards, and strengthening promotion of Pakistani products through overseas missions.
They also recommended shifting policy focus from raw material exports to value-added goods and emphasised research and development to support competitive manufacturing.
The council members praised the recently held Mineral Investment Forum and suggested further reforms in the banking sector to facilitate export financing.
PM Shehbaz directed the economic team to compile a practical action plan based on the council’s recommendations. He also instructed the formation of sector-specific subcommittees within the Economic Advisory Council to develop targeted proposals for each area.
