KARACHI: Acting President of Korangi Association of Trade and Industry (KATI) Farrukh Qandhari on Thursday appealed to newly elected Prime Minister Shahbaz Sharif to reduce electricity tariff.

He said that as soon as Prime Minister Shahbaz Sharif took office, he was mobilized to face the economic challenge which is welcome. The unnecessary increase in electricity tariffs by the previous government has directly affected the industries which have resulted in a sharp increase in production cost while the industrialists were fed up with the daily rise in tariffs.

Acting President KATI said that the new government should take immediate steps to provide relief to the industrialists so that the economic cycle could run efficiently. Farrukh Qandhari said that a significant reduction in production cost would boost the export sector and exporters would be able to promote Pakistani products in international markets. He said that production costs in Pakistan are the highest in the region due to which exporters are unable to compete in the global market.

Acting President KATI further said that the government should, first of all, reduce the price of electricity on a priority basis for immediate relief. Farrukh Qandhari hoped that the newly elected Prime Minister Shahbaz Sharif would take steps to address the problems of the industrialists on a priority basis so that the country’s economy could once again stand on its own feet and Pakistan could achieve the desired growth rate. He said that the reduction of electricity and gas prices including production costs was essential for the country’s economic independence and development.