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Lahore Chamber of Commerce and Industry urged to continue to play its role for surmounting unprecedented challenges being faced by country

Lahore, October 03, 2014 (PPI-OT): Head of 111-member delegation of Commandant National Security College Brigadier Hammad has urged the Lahore Chamber of Commerce and Industry to continue to play its role for surmounting the unprecedented challenges being faced by the country as its positive input at this point in time can do marvel at economic front.

He was speaking at the Lahore Chamber of Commerce and Industry on Friday. LCCI President Ijaz A. Mumtaz, Vice President Syed Mahmood Ghaznavi, former Chairman WAPDA Tariq Hameed, former LCCI Presidents Tariq Saeed Saigol, Mian Misbah-ur-Rehman, former Senior Vice President Mian Tariq Misbah, Executive Committee Members Aslam Chaudhry, Khawaja Khawar Rasheed and Nasir Saeed also spoke on the occasion.

While lauding the role being played by the Lahore Chamber of Commerce and Industry in removing the bottlenecks in the way of promotion of business, head of the delegation said that a lot has yet to be done for the economic well-being of the country.

Speaking on the occasion, the LCCI President Ijaz A. Mumtaz said that the Lahore Chamber of Commerce and Industry acts as a bridge between the Government and the business community. It also tries to secure a business-friendly environment through sharing views with the government. The primary objective of LCCI is to protect the interests of the business community while remaining committed to the cause of development of the country.

He said that there are a number of issues that must be tackled on priority basis, the biggest one is how to keep the momentum of growth in the wake of a less than targeted growth of the Agriculture and the Manufacturing sector. The second one is the widening gap between exports and imports that could be contained by reducing import of luxury items.

Ijaz A. Mumtaz said that the soaring input cost of the industrial sector is making Pakistani products uncompetitive in the international market and Pakistan is loosing the international markets to China, India and even Bangladesh.

He also called for exploration of non-traditional markets to generate much-needed foreign exchange. He said that the economy has become the most modern warfare gadget of the present day world and the only economically strong countries would have a role in coming days.

He stressed the need for developing regional, product specific and target oriented marketing strategy. New markets and new products need to be explored to reduce country’s dependence on few commodities and countries. Pakistan’s exports are highly concentrated in few items. Such concentration in few markets can also become a source for instability in export earnings.

While briefing the participants about the LCCI’s role in policy making, Ijaz A. Mumtaz said that the LCCI has sectors specific Standing Committees. These committees collect private sector feedback, analyze and filter the same through subject experts.

He said that after through debate that feedback is refined and after approval from Executive Committee is sent in the form of Budget Proposals to Ministry of Finance and Economic Affairs for consideration at the time of preparation of the Federal Budget. He said that Chamber monitors the budget, anomalies are identified and these coupled with revised proposals are again communicated to the relevant policy making departments.

He said that the LCCI also keeps liaison with Foreign missions commercial sections and an exchange of information ensured especially sector reports. LCCI President apprised the participants that LCCI had established a Mediation Center in August 2012 with an active collaboration of IFC.

There are more than 40 accredited mediators registered with LCCI who can help the local, national and international businessmen for out of the court settlement. LCCI Vice President Syed Mahmood Ghaznavi said that the LCCI is also quite conscious of its corporate social responsibilities and utilizing its all resources for the help of ailing humanity.

He said that LCCI has opted open door policy for all trader and would continue its endeavors for the cause of business community. Former Chairman WAPDA Tariq Hameed in his address said the water crisis could deepen in the next decade in Pakistan so dams should be constructed. He said the Kalabagh Dam was only viable solution to handle water situation and energy crisis in Pakistan.

He opined that the Kalabagh Dam should be constructed first followed by other dams. Former LCCI President Tariq Saeed Saigol said that regional trade should be promoted with caution and interests of Pakistan’s industrial sector should always be prioritized. He also congratulated the LCCI newly elected office-bearers and Executive Committee Members.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-6368854

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