Prime Minister Shehbaz Sharif recently convened a crucial meeting with Karachi’s business leaders to brainstorm strategies aimed at bolstering Pakistan’s economy through increased exports. However, the discussions were coloured by apprehensions from industry representatives, who highlighted the challenges posed by high energy costs and inconsistent governmental policies.
During the hour-long session at the CM House – Karachi, members of the business community commended the prime minister’s determination while urging a focus on fostering political stability as a prerequisite for economic rejuvenation. Notably, they applauded recent governmental initiatives, including engagements with the International Monetary Fund (IMF) which helped stabilise the money market and curb inflation.
Amidst suggestions for enhancing trade ties with India and fostering reconciliation with imprisoned PTI leader Imran Khan, PM Shehbaz reiterated his commitment to formulating a comprehensive economic growth roadmap based on insights gathered from the business community.
Drawing a parallel with Bangladesh’s economic progress, PM Shehbaz underscored the transformative potential inherent in genuine industrial and agricultural growth, emphasising a target of doubling exports within the next five years.
However, concerns raised during the meeting underscored the daunting realities faced by businesses, particularly regarding soaring energy costs. Zubair Motiwala, a prominent industrialist, highlighted the unsustainable nature of current gas and electricity prices, which threaten the competitiveness of Pakistani industries in the global market.
Motiwala’s presentation underscored the urgent need for fair pricing mechanisms, citing the detrimental impact of excessive capacity charges and stagnant electricity consumption on industry viability. He advocated for a pragmatic approach to energy pricing that ensures competitiveness without burdening businesses with excessive costs.
In response, PM Shehbaz affirmed his commitment to addressing these challenges, pledging to convene further discussions with stakeholders nationwide to chart a path forward. The meeting concluded with PM Shehbaz’s visit to the Quaid-i-Azam’s mausoleum, symbolising a commitment to honour Pakistan’s founding principles while striving for economic progress.