Islamabad, August 2, 2024 – President Asif Ali Zardari has urged for a collaborative and effective solution to address the rising energy costs in Pakistan. He proposed that the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) should form a committee to work with the President’s office in developing a viable strategy to manage the payment of capacity charges to Independent Power Producers (IPPs).
President Zardari made these remarks during a meeting with a delegation from FPCCI, which included businessmen and office-bearers from 40 regional business associations, led by Dr. Gohar Ejaz, at Aiwan-e-Sadr on Thursday.
In his address to the delegation, the President announced the establishment of a collaborative effort between his office and a smaller committee from the business community. The goal of this partnership is to create a solution that benefits the government, the populace, the business community, and the IPPs equally.
He emphasized the need for a consensus-driven approach to ensure that no stakeholder is disadvantaged. President Zardari acknowledged the severe challenges faced by Pakistani businesses, describing their predicament as a “triple-whammy” due to high input, energy, and fuel costs.
Dr. Gohar Ejaz, leading the FPCCI delegation, highlighted the immense burden of rising energy costs on the people, industry, agriculture, and export sectors. He underscored the urgent need for reforms in the energy sector to reduce prices. Dr. Ejaz requested President Zardari’s intervention to address the high electricity prices impacting Pakistan’s industries and businesses.
President Zardari assured the delegation of his full support in devising a solution to their problems. He committed to raising the issue with the relevant authorities and working towards a sustainable resolution.
This meeting underscores the critical need for policy reforms and strategic collaboration between the government and business sectors to tackle the escalating energy costs. The proposed committee’s efforts, in conjunction with the President’s office, aim to balance the interests of all stakeholders and alleviate the financial strain on Pakistan’s economy.
As the energy crisis continues to challenge economic stability, the President’s proactive stance and the FPCCI’s advocacy signal a step towards comprehensive reforms. These efforts are expected to pave the way for a more sustainable energy sector, benefiting the country’s overall economic health.