Zahid: Gas crisis halts new investments, hitting economy

718
Staff Reporter
Karachi

Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain has said the gas crisis is not only hitting economy and employment but it has also blocked new investments.

In a statement issued here on Wednesday, he said that industrialist community is protesting all over the country which will also discourage foreign investors.
Mian Zahid Hussian said that CNG sector is paying the highest tariff for gas and paying highest taxes but it is facing the ire of authorities while the influential sectors getting subsidized gas are being promoted which is astonishing.
The environmentally friendly sector of CNG is being targeted since 2012 and now the number of CNG stations in Punjab has dropped from 2800 to almost one thousand wasting investments worth billions, he added.

The business leader said that this sector is consuming only four percent of the gas but it is always first to get closure notice in case of scarcity as some officials have close ties with influential oil mafia who are hell-bent on destroying this sector.
The government provided relief to influential industrial sectors following pandemic but this sector was ignored as it is being operated by middle-class investors, he observed.

Previous articleADB endorses 5-year CPS to help Pakistan restore economic stability
Next articleEconomy stands stabilized as a result of effective policies of Govt: Shibli