LAHORE, Sept 27: Former President of the SAARC Chamber of Commerce and Industry Iftikhar Ali Malik on Sunday cautioned 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 today, he urged the government to strengthen regional economic cooperation and explore alternative energy and trade arrangements with neighbouring and regional countries to reduce vulnerability to external energy shocks.

Iftikhar Ali Malik said coordinated regional economic cooperation, diversification of energy sources and long-term investment in domestic energy capacity were essential to sustaining economic growth.

He observed that persistent volatility in international oil markets could substantially increase transportation, electricity and industrial production costs while placing additional pressure on inflation and the country’s balance of payments.

He stressed that Pakistan should take immediate measures to cushion the economy against external energy shocks by 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.

The former SAARC Chamber president also urged policymakers to facilitate exporters and industry through targeted relief measures, efficient logistics and predictable energy pricing so that rising fuel costs did not undermine Pakistan’s competitiveness in international markets.

Concluding, he said a “petro-war” appeared to be unfolding in the region, posing fresh challenges to energy security, trade and economic stability for countries heavily dependent on imported fuel.