Lahore, March 12, 2014 (PPI-OT): While calling for a strategy to provide protection to exporters and maintain a stable rupee, the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday welcomed appreciation in its value against dollar saying that the rupee stabilization would not only benefit the masses but would also help raise foreign investors’ confidence in Pakistan’s economy.
In a statement issued here, the LCCI President Engineer Sohail Lashari said that it is a blessing of God that Pakistan’s economy has now started showing upward trends but to maintain these trends the government would have to take extraordinary measures so that all the sectors could get equal benefits.
The LCCI President said that the currency value all over the world is considered the best instrument to measure the health of the economy of a country therefore a healthy rupee would definitely be beneficial in attracting much needed foreign investments besides giving strength to foreign reserves.
He said that a continuous decline in rupee value in yester years had not only raised the cost of imports but also increased amount of outstanding loans and resultantly the pressure on foreign reserves multiplied. He said that it was like a chain reaction that pushed all the economic sectors to the wall.
Engineer Sohail Lashari said that the credit goes to Finance Minister Ishaq Dar who fulfilled his commitment and did not let the rupee fall further but at the same time the Finance Minister should come up with some package of incentives to exporting sector as their margins have fallen sharply due to decrease in dollar prices.
He said that the Indian government gave a 2% rebate to its exporters when the European Union granted GSP Plus Status to Pakistan.
The LCCI President said that the fact remains that Pakistan’s economy is import based and imports are almost double the exports therefore the decline in dollar value would benefit more to the overall health of the economy.
He said that the nee of the hour is that the government should initiate long-term planning and long term projects to keep the rupee value against Greenback.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854