LAHORE - Government support can revolutionise trade and industry as demand for goods at global level registered considerable increase after introduction of COVID-19 vaccine.
These views were expressed by Lahore Chamber of Commerce and Industry President Mian Tariq Misbah while speaking at the inauguration of “iFoam Display Center” 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.
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 socio-economic fortune of the country as it creates employment opportunities and revenue for the government.
“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”, he said, adding that Pakistan’s competitiveness at global market increased due to multiple factors at domestic level.
More support would lay foundation for an industrial revolution”, he said, adding the government would have to take steps towards economic-self reliance by producing well-consulted supportive policies for the business sector. He said that reforms for the industry will certainly play a pivotal in much-needed boost in exports. He said 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 said that the government would also have to focus on agriculture, manufacturing sector, education, water, human resources, minerals, public health and tax collection system.