Islamabad: Prime Minister Shehbaz Sharif has unveiled a reduction of 4.04 rupees in electricity tariff for industries, aiming to enhance their competitiveness and bolster exports. He made this announcement while addressing a ceremony in Islamabad to honor the contributions of leading businessmen and exporters in the economy.

According to Radio Pakistan, the Prime Minister announced several other measures for the business community. Among these, wheeling charges are being reduced to nine rupees to allow industries to sell power to neighboring sectors. Additionally, the mark-up rate on the export refinance scheme is being cut from 7.5 percent to 4.5 percent. The Prime Minister also declared that blue passports with a validity of two years will be awarded to those exporters and businessmen who received awards at the ceremony, designating them as ambassadors at large.

Shehbaz Sharif emphasized that Pakistan has achieved economic stability and stressed the need to steer the country towards sustainable growth. He urged the business community to invest in export-led projects to boost growth and increase foreign exchange earnings. He encouraged diverting capital to Small and Medium Enterprises to further enhance exports.

The Prime Minister expressed confidence in the business community's potential to transform Pakistan's economy in the coming years. He assured that their proposals would be carefully considered, noting that several suggestions from the business sector have already been implemented. He highlighted that recent reforms have resulted in saving billions of rupees.

Minister for Commerce Jam Kamal Khan also addressed the event, stating that an export-led economy is being promoted. He mentioned that Pakistan has emerged from economic turmoil, restoring exporters' confidence in government policies. During the event, the Prime Minister distributed awards to top business leaders and exporters.