LAHORE -  The Lahore Chamber of Commerce & Industry has welcomed the Lahore Development Authority (LDA) move to decrease commercial fees for establishment of new educational institutions and hospitals.

In a statement issued here, LCCI President Abdul Basit said that according to new amendment in Land Use Rules, 2014 by the Lahore Development Authority (LDA), schools and hospitals will pay 10 percent of commercial fee rather than 20 percent. He said that this initiative would go a long way as it would bring down the establishment cost of educational institutions and hospitals and enable them to provide low-cost educational and facilities to the masses. He said that now educational institutions and hospitals are duty bound to transfer benefit of reduction in commercial fees to the masses. He said that corporate offices should also be given same facility that would make the business environment better and help trust building between the government and the private sector.

Meanwhile, the LCCI President urged the Lahore Development Authority (LDA) to re-commercialize those roads that were de-commercialized due to reasons unknown. He said that Lahore is 2nd largest city of the country and rapidly emerging as a hub of trade and economic activities. He said that commercialization of major roads of the city would attract new investment and give a boost to the local economy besides creating hundreds of new job opportunities.

Abdul Basit said that commercialization of major roads of the city would help develop these areas as economic hub and not only attract huge investment but would also air a good message to the foreign investors. He said that it would also help revenue of Punjab government and no need would remain for imposition of new taxes or burdening the existing taxpayers.

The LCCI President said that the Lahore Chamber of Commerce & Industry is ready to give input to Lahore Development Authority in this regard. He hoped that LDA would act promptly and plan to re-commercialize the major roads of the city.