Public-private collective efforts a must to overcome economic challenges, says LCCI

LAHORE – Lahore Chamber of Commerce & Industry spoke highly for Prime Minister Shahbaz Sharif for his initiative to focus on agriculture and information technology sectors. “These two areas have the potential to bring country out of economic mire”.
This was upshot of the LCCI Senior Vice President Mian Rehman Aziz Chan talk with business leaders. He said it is unprecedented that Prime Minister of the country spent more than six hours while discussing ways and means to make upcoming budget business friendly. He said that the Prime Minister was of the view that without participation of genuine stakeholders, no good can be expected in coming years. He said that the government has a political will and committed to overcome the economic challenges. It is very much encouraging that the establishment, judiciary, political leadership and business community are on same page. He said it is a good sign that the government is taking stakeholders on board on trade, industry and economy related issues and the Prime Minister Shahbaz Sharif has also pledged to incorporate their valuable suggestions in the upcoming budget that would help trust building.
He said that the incumbent government has aspired for a pro-people budget and is well-aware that for refined, inclusive and effective budget making, a thorough consultation with public as well as private stakeholders is mandatory. Mian Rehman Aziz Chan said that Pakistan is going through a number of macroeconomic imbalances such as rising inflation, twin deficit, continuously depleting foreign exchange reserves, instable exchange rate, and low tax-to-GDP ratio. The prevailing global economic outlook with rising fuel and commodity prices is adding fuel to fire for domestic economy.
He said that it is encouraging that despite these huge macroeconomic challenges, the current government has firm belief that if public and private sectors work hand-in-hand for dealing with these crises, these agonies can easily be converted into opportunities. He said that the present govt has taken a number of effective steps, during short span of time, for putting the economy on right direction. Mian Rehman Aziz Chan said that the private sector has the ability to present solution-oriented ideas for simplifying taxation systems, enhancing the ease of doing business in Pakistan, strengthening and broadening tax base, and mechanisms for enhancing the transparency and accountability in use of public resources. He said that the huge role of private sector in growth of economy should be acknowledged and the voices of community of every sector should be heard and should be given due recognition.

He said that the tough decisions are needed to cope with the economic challenges. He said that the Lahore Chamber of Commerce & Industry has presented comprehensive budget proposals to that government that must be part of the budget document.

 

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