Lahore: SAARC Chamber of Commerce and Industry former President,Iftikhar Ali Malik has said that rapidly changing global energy market dynamics and growing competition could have far-reaching implications for developing economies, particularly Pakistan,which remains heavily dependent on imported fuel.
In a statement issued here on Sunday,he urged the government to strengthen regional economic cooperation and explore alternative energy and trade arrangements with neighbouring and regional countries.
He said coordinated regional economic cooperation,diversification of energy sources and long-term investment in domestic capacity were essential to sustaining economic growth.
Iftikhar Ali Malik said persistent volatility in international oil markets could increase transportation,electricity and industrial production costs while putting additional pressure on inflation and the balance of payments.
He stressed the need for immediate measures to cushion Pakistan’s economy against external energy shocks, including accelerating renewable energy projects,particularly solar and wind,improving energy efficiency and exploring indigenous oil and gas resources.
He called for a comprehensive national energy strategy aimed at reducing import dependence,protecting productive sectors and ensuring affordable energy supplies for industries and consumers.
He also urged policymakers to facilitate exporters and industry through targeted relief,efficient logistics and predictable energy pricing so that rising fuel costs did not undermine Pakistan’s competitiveness in international markets.