lahore

The Lahore Chamber of Commerce & Industry on Wednesday called for a comprehensive strategy to overcome low local and foreign investment phenomenon.

LCCI President Ejaz A. Mumtaz said that the Lahore Chamber of Commerce & Industry was ready to help give required boost to economic activities that are a prerequisite to expedite local investment and attract foreign investors.

The LCCI President said that institutional fragility and the political instability were the major factors keeping the foreign investors away. Though Pakistan ranks 62nd in the FDI-friendly countries that does not reflect its potential and available resources, as there is a dire need to promote economic vitality by strengthening private sector as internal dynamism has faded away due to acute energy shortage, deteriorating law and order and political instability. The LCCI President said that rising risk perception about investing into Pakistan is hitting hard the entire economy and needs to be tackled through a new policy approach by involving Chambers of Commerce in the country. Ejaz A. Mumtaz said that in the recent past, fall in Foreign Direct Investment has adversely affected the country’s economic growth. Government should adopt prudent measures to attract the foreign investment so that the country comes out of lopsided interest of foreign investors, he added.

He said that a special committee comprising members of the Parliament, Presidents of Chambers of Commerce and Industry and representatives of sector-specific Associations should be formed to identify the solutions to attract foreign investment that is a prerequisite to economic growth.

The LCCI President said that the proposed committee should also be tasked to look into the existing policy framework and if there is a need to redesign it the committee should immediately initiate work.

He said key issues including power shortage and other vital factors, should be addressed on priority basis to improve the foreign investment condition to put the country on track of economic growth and development.