The economy of Pakistan is facing stiff challenges: LCCI President

Muhammad Sudhir Chaudhry Deputy Bureau Chief Lahore

21st Oct, 2019. 09:21 pm
LCCI President

A delegation of National Institute of Management (NIM), Peshawar visited the Lahore Chamber of Commerce & Industry on Monday.

Additional Director Staff Lt Col ® Ijaz Ahmad was leading the delegation while LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad spoke on the occasion. LCCI Executive Committee Members Haji Asif Saher and Ch. Nusrat Tahir Zeeshan Sohail Malik were also present.

While talking to the NIM delegation, LCCI President Irfan Iqbal Sheikh informed the delegation that LCCI has established export facilitation Center to facilitate the exporters as quantum jump in exports is a must for economic revival of the country.

He said that certification is a must to enhance exports and to compete in international market but the certification fee is high that should be brought down.

He said that currently, the economy of Pakistan is facing stiff challenges as the growth rate has shrunk to 3.29%, interest rates have gone up to 13.25%, inflation is over 10%, devaluation of Pak rupee has taken place more than 25% in last one year and exports are almost stagnant.

Furthermore the businesses have to face high taxation rates in terms of Sales Tax, Withholding Tax and Custom Duties etc.

He said that LCCI is showing full support to the Government to address these issues and has recommended to the Government that business community should be taken in full confidence before implementing macro-economic, taxation and sector-specific reforms as the situation of economy directly impacts the businesses and livelihood of the millions.

“Our primary role is to make sure that policy, legal and regulatory framework in the country does not constrain private sector activities. We keep analyzing the economic conditions and looking for ways to remain least affected due to adverse circumstances.”

LCCI President added and said that the chamber keeps itself engaged in exploring the business opportunities through meetings with diplomatic missions, heads of various government departments, federal and provincial ministers etc.

The LCCI Senior Vice President Ali Hussam Asghar said that lack of strong Research & Development in Pakistan is the major reason stagnant exports of various sectors.

Pakistan still rely on textile sector. More sectors and products should be identified for trade. He said that there is a dire need for technological up gradation in our industries. He said that high import duties make us fail in export competitiveness.

He said that Business community wants to shift their cargo to railways as it is most reliable and cheaper mean for transportation of goods. We want to encourage it.

Answering a question, he said that LCCI is engaged with all government departments on daily basis to sort out the issues of business community.

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