SM Tanveer says Pakistan risks $7bn export loss due to load-shedding, mismanagement

Karachi (Web Desk): Patron-in-Chief of United Business Group (UBG) SM Tanveer has raised serious concerns about poor economic management in the country, warning that Pakistan could see a shortfall of nearly $7 billion in exports this year.

While speaking to the media on Saturday, he pointed out that the country’s exports were recorded at $33.3 billion in the previous year.

SM Tanveer noted that although authorities had planned to increase exports by 10 percent annually, the opposite trend is now expected, with a notable decline likely in the current year.

He stressed that strengthening state institutions is critical, adding that organizations cannot function effectively if those in charge do not fully understand their duties.

Drawing attention to the industrial landscape, the UBG patron-in-chief said that several sectors have already shut down, while many others are functioning at reduced capacity.

He highlighted that despite having an installed electricity generation capacity of 12,000 megawatts, only about 3,000 megawatts are being utilized, leaving the 9,000 megawatts unused.

SM Tanveer further drew the attention towards the lack of progress in upgrading transmission infrastructure, stating that no meaningful work has been carried out over the past five years, including on the Matiari-to-Lahore transmission line.

He said that industries cannot perform efficiently unless they are able to operate continuously, around the clock.

The UBG chief also mentioned that the restaurant sector plays an important role in creating jobs, emphasizing that investment tends to move toward areas where profits are achievable.

Tanveer argued that capital would return to Pakistan if investors were assured of reasonable returns, but high taxes are instead pushing investments toward more attractive markets abroad.
He maintained that mismanagement remains widespread and continues to affect economic performance.

Referring to recent developments, he said that “the entire situation changed overnight” and added that Field Marshal Syed Asim Munir deserves the Nobel Peace Prize.