Karachi, Zubair Tufail, President of United Business Group and former president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has emphasized the critical need for the government to reduce industrial production costs and adjust energy prices to competitive levels in order to increase exports. Tufail outlined a strategy aimed at boosting the country’s exports from the current $30 billion to $50 billion within three years, a move he considers essential for Pakistan’s economic development.

According to United Business Group, Tufail highlighted the importance of setting the price of electricity at 9 cents per kilowatt-hour to align with regional competitors and foster an environment conducive to export growth. He criticized the government’s policy of increasing petroleum product prices on the recommendation of the International Monetary Fund (IMF), labeling it as detrimental to the populace and urging for an immediate halt to these daily price hikes.

In his address, Tufail also touched upon the broader implications of high living costs, including the impact of rising food, electricity, and fuel prices on low-wage earners and the poor. With the formation of a new government under Mian Shahbaz Sharif anticipated, he advocated for a substantial increase in the minimum wage to 42,000 rupees, in response to rampant inflation. Additionally, Tufail called for increased salaries for government employees, higher pensions for retirees, and a reduction in the State Bank’s interest rates to the lowest possible level as emergency measures to alleviate the economic burdens faced by the populace.

Tufail’s remarks underscore the urgency of implementing comprehensive economic reforms to mitigate inflation and stimulate export growth, underscoring the pivotal role of the private sector’s proposed plan in achieving a more prosperous future for Pakistan.

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