ISLAMABAD: In a significant move to boost local production and exports, Prime Minister Shehbaz Sharif on Friday approved a substantial reduction of Rs10.69 per unit in the electricity tariff for the industrial sector. This decision lowers the new electricity price for industrial and export sectors to Rs34.99 per unit, following a recommendation by the National Electric Power Regulatory Authority (NEPRA).
“The Prime Minister’s package, which is expected to provide over Rs200 billion in relief to the industry, will help reduce the manufacturing costs of goods, making them more competitive in the global market,” an official press release from the Prime Minister’s Office (PMO) stated.
The tariff reduction aims to lower the prices of agricultural commodities, spur industrial growth, create new job opportunities, and stimulate economic activity. The PMO emphasized that this measure would significantly impact the overall economic landscape by making Pakistani goods more competitive internationally.
Consultations for Investment and Governance Enhancement
In a separate meeting, Prime Minister Shehbaz instructed relevant authorities to engage with globally reputed consultancy firms to realize investment agreements with friendly countries. The meeting, attended by a delegation of an international consultancy firm led by former State Bank governor Reza Baqir, focused on enhancing the effectiveness of governance and reducing the volume of government infrastructure.
The prime minister stressed the importance of consulting reputed firms to achieve these objectives, indicating a strategic approach to attract foreign investment and improve governance practices within the country.
This tariff reduction for the industrial sector is a crucial step in the government’s broader strategy to support economic growth, improve competitiveness, and foster a conducive environment for industrial and agricultural development.
