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Pakistan PM announces Rs 4.04 cut in electricity tariff for industries

Prime Minister Shehbaz Sharif addresses the country’s major exporters and business figures on January 30 (Radio Pakistan)

Prime Minister Shehbaz Sharif addresses the country’s major exporters and business figures on January 30 (Radio Pakistan)

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a reduction of 4.04 rupees in electricity tariff for industries, saying the move is aimed at enhancing competitiveness and boosting exports, according to Radio Pakistan.


Addressing a ceremony in Islamabad held to honor leading businessmen and exporters, the prime minister outlined a series of measures for the business community, including cuts in power-related charges and financing costs.


“Shehbaz Sharif has announced a reduction of 4.04 rupees in electricity tariff for the industries to enhance their competitiveness and bolster exports,” Radio Pakistan reported.


Announcing further incentives, the prime minister said wheeling charges were being reduced to nine rupees to allow industries to sell electricity to neighboring industrial units. He also said the markup rate under the export refinance scheme would be cut from 7.5 percent to 4.5 percent.


The prime minister announced that blue passports with a validity of two years would be awarded to exporters and businessmen who received awards at the ceremony. He said the recipients “will be ambassadors at large.”


Shehbaz Sharif said Pakistan had become a stable economy and stressed the need to move toward sustainable growth. He urged the business community to invest in export-led projects to accelerate growth and increase foreign exchange earnings.


He also emphasized diverting capital toward small and medium enterprises to boost exports and expressed confidence in the ability of the business community to transform Pakistan’s economy in the coming years.


The prime minister assured participants that their proposals would be given due consideration and said several suggestions put forward by businessmen had already been implemented. Referring to reforms carried out by the government, he said these measures had helped save billions of rupees.


Pakistani Minister for Commerce Jam Kamal Khan said an export-led economy was being promoted in the country. He said Pakistan had come out of economic turmoil, restoring the confidence of exporters in government policies.


At the ceremony, the prime minister distributed awards among top business leaders and exporters.