Karachi, President of the Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Ahmed Sheikh has commended Prime Minister Shehbaz Sharif for fulfilling his commitment to lower electricity tariffs for the industrial sector by Rs10.69 per unit, a move that has been met with widespread approval from the business community, especially the Small and Medium Enterprises (SMEs).
According to Karachi Chamber of Commerce and Industry, the reduction in electricity rates is expected to significantly aid SMEs, which have been struggling with high operational costs due to previous electricity tariffs. Sheikh expressed hope that this reduction is a step towards adjusting energy costs to regionally competitive levels, which is essential for reducing the overall cost of doing business and manufacturing to align with international standards.
While Sheikh appreciated the Prime Minister's decision, he highlighted a concurrent issue where K-Electric increased its Fixed Charge by 300 percent, from Rs460 to Rs2,000, which could potentially negate the benefits of the reduced electricity tariff. He called for government intervention to address this issue to ensure that the intended relief for the industrial sector is fully realized. Sheikh reaffirmed KCCI’s support for the government’s future initiatives aimed at boosting industrialization and exports.