Federal Energy Minister Mossadegh Malik has sounded the alarm on the impact of expensive electricity and gas on Pakistan’s businesses.
Speaking at Thinkfest in Lahore, Malik emphasized that costly energy is hindering business growth, whereas countries like Bangladesh, Saudi Arabia, and China are experiencing a boost due to cheaper gas.
Malik highlighted Bangladesh’s success in textile exports, attributing it to affordable electricity. He also pointed out that Italy and France have maintained their competitive edge in exports despite high labor costs.
The minister stressed the need for Pakistan to explore new business avenues, markets, and customers.
Moreover, Malik underscored the importance of investing in green energy and fostering a culture of innovation. He believes that countries that prioritize ideas and creativity are more likely to thrive.
By shifting focus towards renewable energy sources and encouraging entrepreneurial spirit, Pakistan can revitalize its business sector and stimulate economic growth.