Government generates more than 90 percent of its total resources from trade and industry: President Lahore Chamber of Commerce and Industry

Lahore, June 18, 2015 (PPI-OT): Government generates more than 90 percent of its total resources from trade and industry which is backbone of the economy. It can make a great contribution in turning Pakistan into one of the greatest nations of the world provided due facilitation and a conducive business atmosphere are ensured.

In a statement issued here Thursday, president of the Lahore Chamber of Commerce and Industry (LCCI) Ijaz A. Mumtaz said that though present regime was moving in right direction to control the things and has achieved a few goals as well but still a lot of work has to be done to come at par with the developed nations of the world.

He said that we have to tackle the issues of energy shortage, low tax-to-GDP ratio, inefficiency of Public Sector Entities (PSEs) and corruption on priority basis to put the economy on fast track of progress and prosperity.

Ijaz A. Mumtaz also stressed the need for strengthening of institutional framework for being a prerequisite to economic stability, progress and prosperity. He said that only strong institutions could guarantee good governance but unfortunately never-ever in the past due attention was given towards strengthening of institutions. He said that weak institutions always weak system and no country can achieve its targets with a weak institutional framework.

He said that the Lahore Chamber of Commerce and Industry acts as a bridge between the Government and the business community. It has always tried to ensure a business-friendly environment through sharing views with the government and by taking all the stakeholders onboard on all the economy related issues. The primary objective of LCCI is to protect the interests of the business community while remaining committed to the cause of development of the country.

He said that there are a number of issues that must be tackled on priority; the biggest one is how to keep the momentum of growth. The second one is the widening gap between exports and imports that could be contained by reducing import of luxury items.

LCCI president said that the frequent increases in the prices of energy are making Pakistani products uncompetitive in the international market and Pakistan is losing the international markets to China, India and even Bangladesh.

Ijaz A. Mumtaz said that Pak-China Economic Corridor project should be protected and completed at the earliest at any cost as it is one of the most significant agreement signed between Pakistan and China till now. He said that this mega project would not start a new era of development in the country but would also stretch the depth and breadth of their bilateral strategic relations. He said that this project is not a game changer but a fate changer for Pakistan.

LCCI president said that Pak-China Economic Corridor has the potential to turn Pakistan into pivot of regional cooperation. He said that if Pakistan uses this opportunity wisely, it would enable it to harvest the economic benefits this corridor has to offer, it can considerably strengthen its regional power and esteem and prove a more priceless long-term ally for Beijing. This project would also bring development and prosperity to the people of around ten developing nations.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-6368854