ISLAMABAD: The business community has welcomed Prime Minister Shehbaz Sharif`s announcement to reduce electricity prices, calling it a much-needed relief for both domestic and industrial consumers.

However, the telecom sector expressed concerns over the government`s decision to ignore it.

In a statement, Wahaj Siraj, CEO Nayatel and senior member of the Telecom Operators Association, said, `Unfortunately, telecom operators and data centres donot get this tariff despite being declared an industry since 2004.

Atif Ikram Sheikh, president Federation of Pakistan Chambers of Commerce and Industry, said the reduction in power rates will reduce production costs and enhance production, adding exports will improve too.

He added that the prime minister had fulfilled his promise and now the business community should move forward for development of business activities.

The federation raised its voice regarding the review of agreements with IPPs, and said our efforts have been successful.Meanwhile, ICCI President Nasir Mansoor Qureshi, along with senior members, also lauded the government`s initiative to cut electricity tariffs by Rs7.41 per unit for household consumers and Rs7.59 per unit for industrial users.

They emphasised that this step would not only reduce financial pressure on the public but would also provide a significant boost to industries by lowering production costs.

Mr Qureshi stated, `This decision is a welcome step as high electricity costs have long been a major challenge for businesses, particularly industries.

The reduction in power tariffs will improve industrial productivity, encourage investment, and strengthen Pakistan`s economy.

ICCI Senior Vice President Abdul Rehman Siddiqui also appreciated the move, stating that it would enhance the competitiveness of local industries, promote exports and contribute to overall economic growth.

The ICCI leadership urged the government to continue introducing business-friendly policies that support economic expansion and sustainability.

They reaffirmed ICCI`s commitment to working closely with policymakers to drive progress and development in the country.

Meanwhile, the Rawalpindi Chamber of Commerce andIndustry (RCCI) has welcomed Prime Minister Shehbaz Sharif`s decision to reduce electricity tariffs for domestic and industrial consumers, calling it a much-needed relief for businesses and households.

The RCCI and the business community had long demanded a reduction in power tariffs to lower the cost of doing business and this decision marks a significant step in addressing their concerns, a statement issued by the body said.

RCCI President Usman Shaukat commended the initiative, highlighting that the reduction of Rs7.41 per unit for domestic consumers and Rs7.59 per unit for industries will lower operational costs, promote industrial growth and boost exports.

He emphasised that this measure will restore investor confidence, improve market competitiveness and help Pakistani exporters meet global challenges.

The announcement was made at a ceremony held at the prime minister`s secretariat, attended by prominent stakeholders from the business and industrial sectors.

`RCCI applauds this business-friendly initiative and looks forward to further policies that foster economic growth, industrial development and investor confidence in Pakistan,` the statement read.