The Pakistan Industrial & Traders Association Front has called for regionally competitive power and gas tariff for domestic as well as export sectors to capture the global market.

The PIAF Chairman Mian Nauman Kabir, in a joint statement with senior vice chairman Nasir Hameed and vice chairman Javed Siddiqi, appreciated the commerce minister, who managed to get notified the special electricity and gas tariff for the export sector, demanding the same tariff should also be extended to the local industry, which cannot survive in present scenario.

He welcomed the country’s positive economic indicators, which have started showing recovery despite enormous challenges at external as well as internal fronts due to outbreak of corona virus and subsequent lock down.

During July 2020, Pakistan’s exports registered an increase of 14 percent, whereas imports declined from $3.72 billion to $3.64 billion, showing fall of 1.97 percent, which is very encouraging. Moreover, the renowned global institutions entities, monitoring the performance of different economic sectors across the world, have also started recognizing the growth of Pakistan economy through various reports.

Mian Nauman Kabir said that both International and domestic confidence was increasing. 

In addition, the Moody’s rating agency also provided stable rating for Pakistan economy and confirmed its B3 credit rating. It is fact that the COVID-19 outbreak and the subsequent lockdown drastically damaged the world economy and Pakistan was no exception which witnessed negative GDP growth. 

However, due to the better policies adopted by the government, including relief in energy tariff and markup rates the economic losses were mitigated to some extent, which now need to continue for further benefit.

PIAF senior vice chairman Nasir Hameed observed that country has not been able to achieve its full export potential and product diversification owing to limited access to raw-material and to this effect the application procedures for temporary import schemes should be simplified, so that exporters could be able to achieve price competitiveness and product diversification. 

PIAF leadership expressed concern over excessively burdening the manufacturing sector that contributed around 22 percent to the economy, having a share of 72 percent in tax payments.