Says,“Political confrontation is destroying investor trust, we need unity for progress.”
By Commerce Reporter
In an exclusive interview with The Tribune International, newly elected President of the Lahore Chamber of Commerce and Industry (LCCI), Faheem-ur-Rehman Saigol, unveiled his vision for economic revival through sme-focused industrial zones, a business-friendly regulatory framework, and public-private partnerships as engines of growth. Saigol, who secured the top slot of one of Pakistan’s most influential business institutions, emphasized that his foremost priority is to facilitate Small and Medium Enterprises (SMEs) — the backbone of the national economy. He urged the government to allocate special industrial zones for SMEs, ensuring a level playing field for traders, manufacturers, and exporters.
Read also: Reduction in gas prices, promotion of alternative resources vital for export-led growth: LCCI
“We cannot expect economic revival without empowering SMEs,” Saigol said. “The government must set up SME-specific industrial zones across Punjab and other provinces to ensure steady production, job creation, and innovation. These small enterprises are the wheels that can truly move the national economy forward.”
SME Industrial Zones – The Core of Economic Revival
Expanding on his plan, Saigol said the LCCI would soon propose a detailed roadmap to the government for SME Industrial Parks equipped with common facilities, including shared logistics, modern infrastructure, and access to low-cost financing.
“Such zones will not only bring new investment but will also help regularize the informal sector,” he explained. “We must give our entrepreneurs confidence and access to land and utilities on affordable terms. Without this, industrialization will remain sluggish.”
He pointed out that land costs in Special Economic Zones (SEZs) have become too high for small and medium manufacturers. “We want the government to revise these policies so that SMEs can afford to operate in such zones,” he said.
Call for Interest Rate Reduction and Debt Management
The LCCI President strongly criticized the government’s borrowing policies, saying that high interest payments on domestic and external loans were eating up development funds.
“We are paying billions in interest every year — this is not sustainable,” Saigol stressed. “The government must engage with lenders to renegotiate terms, bring down interest rates, and reduce circular debt. Otherwise, our fiscal space for productive investment will keep shrinking.”
He added that industries are struggling under the weight of high markup rates, which discourage new investment and expansions. “No business can thrive when it’s borrowing at 22 to 25 percent interest,” he remarked. “We need immediate monetary reforms.”
Ease of Doing Business and End to Harassment
Saigol expressed concern over what he termed as ‘bureaucratic harassment’ faced by industrialists and traders from regulatory authorities.
“It is unfortunate that instead of facilitating investors, government departments often create unnecessary hurdles. We need a mindset shift,” he said. “Ease of doing business should not just be a slogan — it must reflect on the ground.”
He said the LCCI would soon submit a Charter of Demands to the federal and provincial governments, outlining specific reforms needed to simplify tax compliance, streamline licensing, and improve coordination among regulatory bodies.
Reviving Investor Confidence
Referring to the recent exit of Procter & Gamble (P&G) and other multinational companies from Pakistan, Saigol said the government must urgently address the factors that are driving away foreign investors.
“When global companies like P&G wind up operations, it sends a negative signal internationally,” he said. “Even local investors have lost faith due to unpredictability, inconsistent taxation, and policy reversals.”
He urged the government to collaborate closely with the LCCI to create a viable investment environment, ensuring that both local and foreign investors feel secure. “The government must consult chambers and business bodies before making economic decisions that directly affect the private sector,” he added.
Public-Private Partnership – The Engine of Growth
President Saigol underscored that public-private partnership (PPP) is the only sustainable model for national development.
“Governments are not meant to run businesses,” he said. “Their job is to create an enabling environment. It is the private sector that drives innovation, investment, and employment.”
He cited examples from Turkey, China, Singapore, and Malaysia, where joint initiatives between the state and business community helped achieve record growth in infrastructure, technology, and manufacturing.
“If Pakistan integrates PPP into its policymaking, we can increase GDP growth by at least 2.5 percent annually,” Saigol noted.
Political Stability Key to Economic Recovery
Faheem-ur-Rehman Saigol also voiced concern over the prevailing political instability and polarization among major political parties.
“Economic progress cannot take place in an environment of confrontation,” he said. “The ongoing tension between political parties like PML-N and PPP is hurting investor confidence.”
He called on all political forces to rise above party lines and work collectively for Pakistan’s economic and social stability. “We need unity on national issues — economy, trade, education, and energy,” he stressed.
Collaboration with Chief Minister Maryam Nawaz
Saigol praised Chief Minister Punjab Maryam Nawaz’s leadership, describing it as “a new era of progress and infrastructure revival.” He said her focus on industrial zones, ease of doing business, women empowerment, and welfare programs has already begun to show positive results.
“Maryam Nawaz’s development model is setting new benchmarks,” he said. “The LCCI is ready to collaborate with her government in promoting investment, facilitating SMEs, and improving infrastructure.”
He also proposed that land costs in industrial zones should be revised downward to attract new investors and manufacturers.
Energy Reforms for Export Competitiveness
The LCCI President warned that rising gas and electricity tariffs were undermining Pakistan’s export competitiveness. He highlighted that gas prices for industry in Pakistan are significantly higher than in India and Bangladesh.
“How can our exporters compete internationally when their energy cost is nearly 30% higher?” Saigol questioned. “We need to prioritize renewable energy — hydel, solar, and wind — to ensure affordability and sustainability.”
He reiterated that reducing energy costs would have a multiplier effect on the economy — lowering production costs, boosting exports, generating jobs, and strengthening foreign exchange reserves.
Inclusive Growth and Women Entrepreneurs
In his interaction with women entrepreneur delegations, Saigol emphasized inclusive growth as a cornerstone of his vision.
“Empowering women in business can add billions to the GDP,” he said. “We must ensure access to finance, skill development, and marketing platforms for women-led enterprises.”
He revealed that the LCCI plans to launch a ‘Women Business Empowerment Desk’ to facilitate female entrepreneurs and ensure their representation in key policymaking platforms.
A Vision for Economic Excellence
Concluding the interview, Faheem-ur-Rehman Saigol reaffirmed his commitment to making the Lahore Chamber of Commerce and Industry a bridge between the government and the business community.
“Our mission is to restore confidence, strengthen industry, and promote exports,” he said. “We will intensify dialogue with the government, push for business-friendly reforms, and ensure that every voice from the business community is heard.”
He said that Pakistan’s true economic potential can only be realized through collaboration, stability, and innovation.
“We stand ready to work with the government, but the government must also listen,” he concluded. “Together, we can put Pakistan back on the path of sustainable economic growth.”
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