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LCCI welcomes CCI decision on power

The Lahore Chamber of Commerce and Industry (LCCI) on Saturday welcomed the decision of the Council of Common Interest (CCI) that power supply to the national grid be increased to the extent of 350MW, according to a statement.

Farooq Iftikhar, president of the LCCI, said that the trade and industry has already facing hardships due to power crisis and consequences of the Karachi Chamber of Commerce and Industry (KCCI) petition against the CCI decision would devastate the national growth that had already plunged to an alarmingly low level, it said.

“If the decision of the CCI is not implemented, it would jeopardise the business community efforts aimed at rejuvenating economic activities in the country.”

The LCCI president said that Karachi Electric Supply Company (KESC) is being supplied 600MW through the national grid, while according to the agreement, KESC has to self-generate 300MW, which is not being implemented.

KESC needs to use its idle capacity to reduce their 650MW import from the national grid by 300MW, he said.

The gas and electricity shortages are not only hitting hard the productions at the domestic level but also damaging the investment environment in the country at a time when the neighbouring countries are progressing leaps and bounds.

“Challenges to the economy, including unavailability of gas, unprecedented power cuts, delayed decision-making on important national economic issues, lengthy procedures, poor public transport mechanism, poor law and order situation and smuggling have dogged the investment scenario,” he said.

The LCCI president said that a considerable amount of resources to develop mechanisms are needed to convince local and foreign investors for an investment in this part of the world.

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