LAHORE– The President of the Lahore Chamber of Commerce and Industry Mian Abuzar Shad has said that Punjab’s economic stability is critical for national growth.
As the largest province of Pakistan, Punjab holds a unique and central role in driving the nation’s economic progress, given its vast resources, industrial capacity and dynamic business community.
While talking to MPA Saadia Taimoor at LCCI, Mian Abuzar Shad said that the province’s agricultural and industrial contributions make it a cornerstone of the national economy and ensuring its economic stability directly translates into sustainable growth and development at the national level.
The LCCI Chief said that Punjab’s economic performance is not just a provincial matter, it sets the tone for the overall economic trajectory of Pakistan. Strengthening Punjab’s economy is equivalent to securing the future of the entire country.
The discussion also focused on leveraging Punjab’s potential by fostering collaboration between the government and the private sector. The LCCI President stressed the need for robust policies, infrastructural improvements and business-friendly reforms to maximize the province’s economic output and enhance its role as a driving force behind Pakistan’s growth story.
Mian Abuzar Shad presented a detailed overview of the challenges faced by the business community. He expressed concerns over the rising cost of production, energy shortages and the adverse impact of high taxation rates on businesses. He also shed light on the hurdles faced by small and medium enterprises (SMEs), which form the backbone of Punjab’s economy, emphasizing the urgent need for targeted reforms to support their growth.
The LCCI President stressed that inconsistent policies and bureaucratic hurdles are deterring investors and stalling industrial growth. He called for swift action to address these issues, including simplifying tax structures, reducing unnecessary regulatory burdens and ensuring uninterrupted energy supply to industries.
MPA Sadia Taimoor lauded the efforts of the LCCI in advocating for the interests of the business community and acknowledged the validity of the concerns raised. She assured her unwavering support in addressing these issues through legislative measures and government action.
She added that the government is committed to working hand in hand with the private sector to resolve challenges and foster a conducive environment for businesses. The concerns raised today, including taxation and energy issues, will be taken up with the relevant authorities to ensure immediate action.”
MPA Taimoor also underscored the importance of promoting public-private partnerships to leverage the strengths of both sectors in tackling economic challenges. She highlighted ongoing government initiatives aimed at infrastructure development, skill enhancement and export promotion, inviting the LCCI to actively participate in these programs.
There is a dire need for regular interaction between policymakers and the business community to ensure that policies reflect ground realities, the LCCI President added and also discussed the potential strategies including establishing joint committees for policy recommendations, promoting SME development through financial and technical assistance programs, enhancing trade facilitation, reducing the cost of doing business besides advocating for energy reforms to ensure affordable and reliable supply to industries.
Mian Abuzar Shad and MPA Sadia Taimoor also highlighted the importance of promoting local industries to boost exports and reduce reliance on imports. They agreed that fostering entrepreneurship and innovation is essential for Punjab’s economic growth.
The LCCI President and MPA Sadia Taimoor pledged to work together to ensure that the concerns of the business community are prioritized in government policies and that the region’s economic potential is fully realized.
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