Lahore, August 02, 2018 (PPI-OT): The Lahore Chamber of Commerce and Industry has called economic plans with the stakeholders that would help financial managers to evolve an aggressive policy to cope with the challenges. The LCCI President Malik Tahir Javaid said that Pakistan would have to be economically strong to stand tall in the influential economies and to handle the all sorts of international pressures.
He said that sharing of economic plan with the stakeholders would be good for both public and private sectors. He said that Pakistan is abundant with vast resources and does not need any external financial help therefore upcoming government should tap the resources instead looking towards the international financial institutions.
Malik Tahir Javaid said that these are the economic weaknesses which give rooms to external powers to interfere in our internal matters. He said that highest circular debt, trade deficit, discouraging exports, high ratio of debts, rupee devaluation, water shortage and miseries of agriculture sector have led to stagnant growth in Pakistan. He said that new government must have to address these issues through good economic reforms and consultation with the stakeholders. He said that Pakistan has all resources to become an economic giant but only need is to set directions with zeal, courage and sincerity.
The LCCI President said Pakistan’s huge mineral resources can help get rid of the economic ills, particularly external debts of over $ 90 billion, within next five years. He said that country has one of the largest reserves of gold and copper and coal in the world. According to a rough estimate, value of coal reserves in Pakistan is 187 times more than the GDP of Pakistan and only 2% of Pakistani coal reserves can generate 20,000 MW of electricity for almost 50 years.
In addition to gold, copper and coal, the country has vast reserves of precious stones, gypsum, salt and marble but instead of taking full advantage of these God-gifted resources most of the share being exported in raw form. He said that these resources must be used by the state instead of giving contracts to the foreign companies for extraction. He also called for new technologies and training of human resources for the mining sectors.
While strongly supporting the Kalabagh dam, the LCCI President said that this mega project should not be sacrificed to the political wills as it has to play a major role in economic uplift of the country. He said that most of Public Sector Enterprises (PSEs) are strangling the national exchequer by eating up around Rs.600 billion annually. Wastage of this hard-earned money of the taxpayers is a sheer injustice. He said that these PSEs should be turned into profitable by strict reforms.
Malik Tahir Javaid said that market and products diversification is the best method to boost the exports. They said that Pakistani exports always remained dependent on a few items and countries. United States, China, Afghanistan, United Kingdom and Germany are top five trading partners of Pakistan while various lucrative destinations are still untouched. He said that Pakistani missions abroad should be given task to find out new destinations for Pakistan products. Government should also facilitate export-oriented industries by resolving their genuine issues like delay in refunds etc.
Senior Vice President Khawaja Khawar Rasheed and Vice President Zeeshan Khalil said that keeping in view the fast changing global scenario and challenges for Pakistan; upcoming government would have to ensure economic planning and its implementation in true sense of word for self-reliance and to avert any serious challenge to the national sovereignty.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan