Govt hand-holding to revolutionise trade, industry: LCCI president
The LCCI president said that despite the shocks caused by COVID-19 to the trade
LAHORE (Dunya News) – The government hand-holding can revolutionise trade and industry, as after the invention of COVID-19 vaccine, the demand for goods at global level has registered a considerable jump.
Lahore Chamber of Commerce and Industry (LCCI) President Mian Tariq Misbah stated this while speaking at the inauguration ceremony of a foam display centre on Tuesday. LCCI Senior Vice President Nasir Hameed Khan, former Vice President Mian Zahid Jawaid Ahmad and Director iFoam Muhammad Amin Sheikh were also present.
The LCCI president said that despite the shocks caused by COVID-19 to the trade, industry and economy of Pakistan, expansion of businesses is an ample proof of the unseen abilities of the domestic trade and industry. He said that expansion of businesses means improvement in socioeconomic fortune of the country as it creates employment opportunities and revenue for the government.
"The government is already doing a lot to give boost to economic activities in the country that has been indicated through improvement of Ease of doing business index in recent past," the LCCI president said and added that Pakistan s competitiveness at global market place increased due to multiple factors at domestic level.
More support would lay foundation for an industrial revolution, Mian Tariq Misbah added and said that that government would have to take giant leaps towards economic-self reliance by producing well-consulted supportive policies for the business sectors He said that country faced various economic challenges in recent past including decline in exports & foreign direct investment, lowest tax-to-GDP ratio and inefficiency of Public Sector Entities but these challenges can be coped through meaningful partnership and dialogues between the government and the private sector.
The LCCI president said that Punjab is the largest and most important province as most of the export-oriented industries are located here and playing an important role. He said that reforms for the industry will certainly play a pivotal in much-needed boost in exports.
Mian Tariq Misbah said that the Lahore Chamber of Commerce & Industry is already doing a lot of work for ease of doing business and supplementing government efforts aimed at economic uplift of the country.
He further stated that the cost of doing business is hindering the growth of all sectors of economy whether it is manufacturing or agriculture. He said that ease of doing business, generation of cheap electricity and good governance should be the corner stone of the new economic methodologies to be implemented.
He suggested the government to focus on agriculture, manufacturing sector, education, water, human resources, minerals, public health and tax collection system.
