Lahore : Government generates more than 90 percent of its total resources from trade & industry which is backbone of the economy. It can make a great contribution in turning Pakistan into one of the greatest nations of the world provided due facilitation and a conducive business atmosphere are ensured.

In a statement issued here Thursday, president of the Lahore Chamber of Commerce & Industry (LCCI) Ijaz A. Mumtaz said that though present regime was moving in right direction to control the things and has achieved a few goals as well but still a lot of work has to be done to come at par with the developed nations of the world.

He said that we have to tackle the issues of energy shortage, low tax-to-GDP ratio, inefficiency of Public Sector Entities (PSEs) and corruption on priority basis to put the economy on fast track of progress and prosperity.

Ijaz A. Mumtaz also stressed the need for strengthening of institutional framework for being a prerequisite to economic stability, progress and prosperity. He said that only strong institutions could guarantee good governance but unfortunately never-ever in the past due attention was given towards strengthening of institutions. He said that weak institutions always weak system and no country can achieve its targets with a weak institutional framework.