KARACHI: Korangi Association of Trade and Industry (KATI) President Johar Qandhari has urged the government to cut electricity rates to 9 cents per kilowatt-hour and lower interest rates to 12 percent, to ignite economic growth, increase exports, and create jobs.
Warning of the crippling effect of recent electricity and gas cost increases on industries, Qandhari pressed for the procurement of electricity from cheaper, more economical sources to alleviate the burden of capacity charges on the public.
He criticized the contracts with Independent Power Producers (IPPs), which, he asserts, have severely impeded the national economy.
According to Qandhari, providing electricity at 9 cents per kilowatt-hour could potentially lead to a substantial increase in exports, estimated at US$ 6 billion. This could also result in additional grid demand of 300 MW, generating higher revenues amounting to Rs500 billion and reducing debt by Rs240 billion.
He stressed the need for stakeholder consultations to address grievances and foster a conducive business environment that enhances Pakistan’s global competitiveness. -PR
