Pakistan Hosiery Manufacturers have praised the step taken by the Government to reduce the electricity tariffs for Small and Mediun Enterprises (SMES).

Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has said that the three-year support package from the Government would boost exports and improve the competitiveness of local industries.

Faisal Mahbub Sheikh, PHMA Zonal Head, noted that the “Industrial Energy Package” announced by the Prime Minister will increase productivity, cut costs and create jobs.

“Eliminating peak hours from electricity rates for all industries, a 50 per cent discount on additional unit consumption for B1 and B2 and B3 connections (SME Connections) through June 2021 and a 25 percent discount on additional consumption of all industrial connections over three years are really great relief for industry, and we are very pleased with this decision, “- said the head of the PHMA district.

He noted that Pakistani exports have become more costly compared to regional competitors. He added that the decline in energy prices will give a relief to export sectors and indicate that the economy is now moving in a positive direction.

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