Pakistan’s struggling business sector has been dealt a severe blow by skyrocketing energy costs, according to Mossadegh Malik, a prominent business leader. The crippling energy expenses have stifled growth, increased production costs, and rendered Pakistani businesses uncompetitive in the global market.
Malik emphasized that the high energy costs have become a major obstacle to Pakistan’s economic progress. The country’s industrial sector, in particular, has been severely impacted, with many businesses struggling to survive due to the exorbitant energy tariffs.
The situation has been exacerbated by the government’s recent decision to increase electricity and gas prices. The move has sparked widespread protests from business leaders and industrialists, who argue that the hike will lead to factory closures, job losses, and a further decline in the country’s economic fortunes.
Malik urged the government to take immediate action to address the energy crisis and provide relief to the business community. He proposed measures such as reducing energy tariffs, increasing power generation, and promoting renewable energy sources to mitigate the crisis.
The government’s response to the energy crisis will be crucial in determining the fate of Pakistan’s business sector. With the economy already facing numerous challenges, the authorities must act swiftly to address the energy woes and prevent a complete collapse of the industrial sector.
Source:
- The News International: “High energy costs stifling business growth: Malik”
- Dawn News: “Soaring energy costs choke business growth, says Malik”
- Pakistan Today: “Mossadegh Malik says high energy costs hurting business growth”
