Prime Minister Shehbaz Sharif has announced a massive reduction in electricity tariff for industries by Rs10.69 per unit to improve the country’s sector and boost exports.

The National Electric Power Regulatory Authority had proposed a reduction of Rs 10.69 per unit in the electricity price for industries, according to a statement issued by the PM Office.

Under the Prime Minister’s package, the electricity price for industries has been set at Rs34.99 per unit.

This package will eliminate a burden of over Rs200 billion on the industrial sector. The package has been introduced to make Pakistani industrial and agricultural products more competitive in the global market.

The reduction in the cost of production is expected to increase exports and the pace of industrial progress.

The package has been offered to bring the country’s manufacturing cost of the goods at par with the international markets.

Similarly, the production cost of industrial and agricultural commodities would also be decreased as a result of the PM’s package leading to an increase in exports.

The move is also likely to accelerate industrial growth, create new job opportunities, and stimulate economic activity.

Meanwhile, PM Shehbaz instructed the relevant authorities to consult with globally reputed consultancy firms to realise investment agreements with friendly countries.

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The prime minister, in a meeting with a delegation of an international consultancy firm headed by former State Bank Governor Raza Baqir, also called for consulting with the reputed firms for a reduction in the volume of the government’s infrastructure and to enhance the effectiveness of the governance system.

He told the delegation that there existed a huge potential for investment in the minerals and energy sectors.

While appreciating the key role of the private sector in national economic development, the prime minister assured the delegation of all-out facilitation by the government for economic revival.