LAHORE             -           Lahore Chamber of Commerce & Industry (LCCI) President Irfan Iqbal Sheikh said on Thursday that balanced energy prices could act as an economic booster therefore, these should be reduced for the trade and industry. He expressed these views while talking to a delegation of leading businessmen at LCCI on Thursday. LCCI Vice President Mian Zahid Jawaid Ahmad was also present on the occasion. Irfan Iqbal Sheikh said that industries need low-cost energy to bring down their cost of doing business and keep their merchandise competitive in the international market.  He said that cut in energy prices would be a great relief to the industries and traders who were suffering heavily because of circumstances caused by coronavirus. The LCCI President said that high cost of doing business was one of the major issues being faced by the industrial sector and industries need support of the government to bring down their input cost to ensure prominent presence in the international market. Definitely, it would bring much-needed precious foreign exchange to the country and reduce financial pressure. He said that it was not the industrial sector alone but the agriculture sector would also flourish if government reduces the energy prices. He said that Pakistan’s agriculture sector was engine of growth, adding that cut in energy prices would decrease the input cost of agriculture production. He further stated that Pakistan needs development of renewable energy resources as it would be prevailing in future, adding that the government should encourage local and foreign investors to invest in this area and not only serve the country but also gain huge benefits. He said the country had vast scope for renewable energy and its promotion would definitely reduce the oil import bill of the country, besides reducing the cost of doing business and living cost of the common man.