KARACHI:
Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Sheikh, while expressing deep concern over the rising cost of doing business due to unbearable energy tariffs, has voiced fears that the day is not far when thousands of jobless people will take to the streets to protest against the government’s policies.
Without taking care of the plight of the poor, who have been reeling from soaring inflation for the past couple of years, the government has kept on increasing gas and electricity tariffs, which resulted in the closure of hundreds of industrial units as well as small and medium enterprises in Karachi and the rest of the country, a statement quoted the KCCI president as saying on Friday.
He cautioned that such a situation would leave a devastating impact on Pakistan’s economy as production activities were shrinking, exports were going down and unemployment was rising.
Read Industries at risk as energy costs surge
“We hope that the lawmakers in Islamabad will realise the gravity of the situation and immediately take steps to save industries from permanent closure,” he added.
Despite assurances by the energy minister and other high-ups, the KCCI chief pointed out, not a single step had been taken to reduce the cost of doing business, which terribly shattered the confidence of industrialists. Keeping that in view, the businessmen are now seriously looking forward to shifting their production units somewhere else where they could peacefully run their factories in a conducive environment.
Published in The Express Tribune, February 24th, 2024.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
Â
