By Commerce Reporter
KARACHI: Skyrocketing electricity prices have forced 140 units in the paper and textile sectors to shut down, causing a slowdown in exports and a sharp rise in unemployment, business leaders warned.
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S.M. Tanveer, Federation Chamber leader and Pioneer Chief of UBG, said these closures are a direct result of energy rates being set without consultation. “The Ministry of Energy decides electricity tariffs on its own and gets them approved by the cabinet, making it extremely difficult for industries to operate,” he explained.
Tanveer stressed that expensive electricity has created a heavy burden for industries, damaging the overall economy. He also highlighted the challenges of establishing new industries, noting that it takes three generations of effort to set up a fully functional unit.
“Economic revival is not possible without giving smaller provinces room to grow and addressing regional imbalances,” Tanveer added, urging the government to take serious steps to protect businesses and jobs.
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