Karachi, January 23, 2024 – The Site Association of Industry (SAI) is urging the government to expedite the issuance of notifications concerning the reduction of power tariff rates.
President Muhammad Kamran Arbi welcomed the federal government’s decision to permit a power tariff of 9 cents per kilowatt-hour (KWh) for industrial consumers but has emphasized the immediate need for official notifications.
The SAI President highlighted that the reduction in power tariff to 9 cents/KWh holds the potential to not only restore industrial competitiveness but also to reinvigorate the economic engine. Arbi stressed that such a measure would significantly boost industrialists’ confidence, leading to increased exports across all sectors. The ripple effect would stimulate numerous downstream industries and services, ultimately resulting in the creation of more jobs, enhanced foreign exchange earnings, and overall economic growth and stability for the country.
In a press statement, Kamran Arbi underlined the imperative nature of providing a competitive and growth-oriented environment for industries, especially in the current economic landscape. He argued that a regionally competitive energy tariff is crucial to counter the declining morale of industrialists and the decrease in value-added exports.
Arbi further expressed his appreciation for the efforts undertaken by Caretaker Federal Minister for Commerce & Industries & Production, Dr. Gohar Ejaz, and Caretaker Minister for Energy & Power/Petroleum, Muhammad Ali, in driving the rationalization of power tariff. Their commitment to addressing this critical issue has not gone unnoticed, as the SAI President acknowledged their role in promoting economic stability.
The SAI’s call for an early issuance of the official notification is seen as a proactive step toward facilitating businesses and ensuring a swift transition to the reduced tariff rates. The association believes that a prompt implementation of the reduced power tariff is vital for providing relief to industries, promoting competitiveness, and sustaining economic growth.
Industry stakeholders and analysts are closely watching the developments, anticipating the positive impact that a reduced power tariff could have on the overall economic landscape. The SAI’s plea reflects the urgency felt by the industrial sector and highlights the role of supportive government policies in steering the country towards economic recovery and prosperity.
As the government deliberates on the issuance of the official notification, the Site Association of Industry remains steadfast in its commitment to advocating for measures that contribute to the well-being of industries and foster a conducive environment for economic growth.
