PM Shehbaz announces Rs4.4 cut in electricity tariff for industries

Islamabad: Prime Minister Shehbaz Sharif has announced a reduction of 4.4 rupees in the electricity tariff for the industries to enhance their competitiveness and bolster exports.

He was addressing a ceremony in Islamabad today to honour the contributions of leading businessmen and exporters in the economy.

Announcing other measures for the business community, he said the wheeling charges are being slashed to nine rupees to enable the industries to sell their power to neighboring industries.

The Prime Minister said mark up rate on export refinance scheme is being reduced from seven point five percent to four point five percent.

He also announced awarding blue passports with validity of two years to those exporters and businessmen who won awards today. He said the recipients will be ambassadors at large.

The Prime Minister said Pakistan has become a stable economy, emphasizing that the country will have to be taken towards sustainable growth.

He urged the business community to invest in the export-led projects to enhance growth and increase foreign exchange earnings. 

Shehbaz Sharif stressed to divert capital to the Small and Medium Enterprises to boost exports.

He expressed full confidence in the potential of business community in transforming Pakistan's economy in next few years. He assured to give due consideration to their proposals. He said a number of suggestions of the businessmen have already been implemented.

Alluding to the reforms carried out, he said these have helped save billions of rupees.

Minister for Commerce Jam Kamal Khan said an export led economy is being promoted in the country. He said Pakistan has come out of economic turmoil, restoring the confidence of exporters in government policies.

On the occasion, the Prime Minister distributed awards among top business leaders and exporters.