LAHORE - Caretaker Provincial Minister for Industries Mian Anjum Nisar has said that business community is the backbone of the economy and early resolution of its issues is top priority of the Punjab government.

He was speaking at the Lahore Chamber of Commerce & Industry. LCCI president Malik Tahir Javaid, vice president Zeshan Khalil, former presidents and Executive Committee members also spoke on the occasion.

Mian Anjum Nisar said that Pakistan is among the best trade markets of Asia. He said that 60 percent economy of the country depends upon Punjab and agriculture is the backbone of provincial economy. He said that Punjab is of special importance with regard to foreign investment. He said that feedback of business community is of utmost importance and representatives of trade and industry would be taken on board. He said that being a major stakeholder and pillar of economic structure, business community deserves respect.

LCCI president Malik Tahir Javaid said that Punjab is the linchpin of Pakistan’s economy and it has highest contribution in the GDP of the country. The industrial sector of Punjab consists of large scale and small scale manufacturing, mining and construction etc. He said that Punjab has dominating presence in small scale manufacturing with a share of 71 percent in national value added.

He said, “Over the course of our economic history, the different experiments with federal and provincial industrial policies led to low industrial growth in Pakistan. Similarly, the industry which is paying its taxes judiciously is facing trust deficit. It is need of the hour to stimulate industrial growth, leading to higher GDP growth.”

The LCCI president further stated that the industrial policy of Punjab province should incentivise the industry to move up the technology ladder.

0It will be even better that the industrial policy should focus on private sector led investment strategy which must lead to greater private investments in mega projects.

This would balance the effect of crowding out private sector in terms of getting the bank credit. Furthermore, the banks should arrange sufficient funds for industrial credit rather than focusing more on short term financing to general consumers.

Malik Tahir Javaid said it is a great honor for the business community that former president of the Lahore Chamber of Commerce & Industry has been chosen as provincial minister who is also the leading taxpayer of the country.