Lahore, November 18, 2013 (PPI-OT): Under-utilisation of huge unmatched available resources and shortage of skilled manpower are among the major reasons of low economic performance. All the public and private sector institutions would have to work in unison to market Pakistan as a land of opportunities.
This was stated by LCCI Acting President Mian Tariq Misbah while addressing a 98-member National Defence University delegation led by Brigadier Jamil Masood.Vice President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik, LCCI Executive Committee Members Khawaja Khawar Rashid, Zafar Mehmood and former Executive Committee Members Rehamtullah Javaid and Ghulam sarwar Malik also spoke on the occasion. Issues like MFN status to India, regional trade, low tax-to-GDP ratio, EU GSP Plus status to Pakistan, Hilal meat export potential and utilization of available mineral resources came under detailed discussion during an hour long meeting.
The LCCI Acting President also stressed the need for strengthening of institutions and consistency in policies to achieve economic stability, progress and prosperity. Mian Tariq Misbah said that no country could ever achieve its aims and objectives until and unless it has a strong system backed by strong institutions as weak institutions bound to expose a country to all types of problems including economic and social.
About low tax-to GDP ratio, the LCCI Acting President said that the Lahore Chamber of Commerce and Industry had proposed to the government to make a downward revision in tax tariff to encourage the Sales Tax registration new and small businesses. He said that although the government had already launched programme to simplify taxation procedures but it would have to expedite to process in the larger interests of the economy.
He said that Pakistan was going to get benefit of around dollar two billion through GSP Plus status by the European Union and that is a healthy sign for the economy of the country. He said that the GSP Plus status would also doors of many other virgin markets to Pakistani businessmen. He, however made it clear that the government would have to establish a dedicated department to facilitate businessmen intend to do business with EU countries.
About LCCI role to tap Hilal Meat potential, Mian Tariq Misbah said that the LCCI had already conducted three conferences in this issue of vital importance. He said that the objective of holding conferences was to create awareness about this marvelous opportunity. Mian Tariq Misbah said that the Lahore Chamber of Commerce and Industry was playing its due role for promotion of trade and industry in the country due to an excellent liaison with both the provincial and federal governments.
He said that the LCCI has more than 100 sector-specific Standing Committees. These committees collect private sector feedback, analyze and after a thorough debate it is forwarded to the concerned government departments 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 the commercial sections of the Foreign missions and an exchange of information is ensured. He said that the LCCI is also quite conscious of its Corporate Social Responsibility. It has two self-sustaining projects; Shalimar Hospital and LABARD on its credit.
The Shalimar Hospital is providing modern health facilities to the common people while LABARD is not only acting as placement body for the disabled persons of the society but also provides relevant training to the young minds in an effort to rehabilitate them.
Speaking on the occasion, the Vice President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik said that sectoral studies were being conducted by the private sector to come up with a final decision on MFN status to India.
He also called for early removal of NTBs to ensure level playing field to Pakistani businessmen. Iftikhar Ali Malik said that Pakistan would remain a darling of the regional countries due to its strategic location and marvelous resources. “Pakistan would continue to hold the charisma because it is not only a gateway to landlocked Central Asian States but its brainy manpower has no match in the world.”
In his address, the head of the delegation Brigadier Jamil Masood lauded the role of LCCI for keeping the country’s economy on right track. He said that it is the private sector which plays a decisive role for the economic boost of any country. He said that the LCCI is doing a real service by projecting a positive image of the economy of the country.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854