President of the Karachi Chamber of Commerce & Industry (KCCI), Iftikhar Ahmed Sheikh, voiced deep apprehensions regarding the escalating cost of doing business due to significant hikes in energy tariffs. He warned of potential mass protests across Pakistan if the government continues its policy of raising gas and electricity tariffs, leading to the closure of numerous industrial units and small to medium-sized enterprises nationwide.
Despite fervent protests from stakeholders, including the KCCI, against the exorbitant tariff increases, policymakers have neglected the alarming situation, exacerbating the economic challenges. Sheikh emphasized that the lack of action to alleviate the cost of doing business has eroded industrialists’ confidence, prompting many to consider relocating their production units to countries offering more favorable business environments within Special Economic Zones (SEZs).
While the Special Investment Facilitation Council (SIFC) strives to create a conducive business environment, Sheikh criticized the caretaker government for unilaterally approving unprecedented hikes in gas and electricity tariffs, exceeding its authority.
He urged immediate remedial action to reduce energy tariffs, warning that failure to address the situation promptly could drive disillusioned businessmen out of Pakistan, severely impacting the economy and nullifying SIFC’s efforts.
