By Commerce Reporter
LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has welcomed three major developments that reflect positive strides in Punjab’s economic management, industrial growth, and environmental progress.
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Senior Vice President of LCCI, Tanveer Ahmed Sheikh, issued detailed statements acknowledging the provincial government’s fiscal discipline, the expansion of Pakistan’s textile sector through international collaboration, and Lahore’s improved air quality during the past year. Together, these advancements highlight promising momentum for the province at a time when the national economy continues to face persistent challenges.
The first development acknowledged by LCCI is the Rs34.8 billion reduction in Punjab’s total debt portfolio during the first quarter of the 2025–26 fiscal year.
According to the official figures, Punjab’s debt stock fell from Rs1.756 trillion in June 2025 to Rs1.722 trillion in September 2025, indicating stronger fiscal discipline and enhanced financial management by the provincial authorities.
Terming the decline “a positive and confidence-building indicator,” Tanveer Ahmed Sheikh said the reduction demonstrates that even in a period of economic pressure, strategic controls and responsible governance can deliver measurable progress.
He emphasized that 99.9% of Punjab’s debt remains concessional, sourced primarily from the World Bank, Asian Development Bank, and Pakistan’s bilateral development partners. This concessional nature shields the province from exposure to expensive commercial borrowing and protects it from global interest rate shocks.
The SVP noted that concessional financing is essential for Punjab’s ongoing development in agriculture, irrigation, urban planning, transport, and the social sector. He commended the provincial government for maintaining development spending while reducing its debt burden, a balance he said is difficult but crucial for economic stability.
In a second major policy development, LCCI extended strong support for the recently signed MoU between the Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) and Brazil’s ABIT (Brazilian Textile & Apparel Industry Association)*. The agreement focuses on sustainability, innovation, circularity, capacity building, and enhanced market access for Pakistan’s textile and apparel exporters.
SVP Tanveer Ahmed Sheikh praised PRGMEA Chairman Dr Muhammad Ayyaz Uddin and ABIT CEO Fernando V. Pimentel for taking this “landmark and forward-looking step” to strengthen global linkages in a sector critical to Pakistan’s economic success. He stated that the partnership will help Pakistan diversify its textile markets, develop ethical and climate-aligned production practices, and increase global visibility at a time when sustainable sourcing is becoming central to international buyers’ decision-making.
The MoU also aligns with Pakistan’s increased engagement at global climate forums, including participation at COP30, where the role of sustainable textiles has become a major area of discussion. Sheikh expressed hope that collaboration with Brazil — a significant player in global textile supply chains — would bring new design expertise, technical knowledge, and investment opportunities to Pakistan.
The third development celebrated by LCCI is the improvement in Lahore’s Air Quality Index (AQI), with official reports showing a shift from “extremely hazardous” levels in November 2024 to more “moderate” readings in November 2025. This progress comes after a series of government initiatives aimed at combating smog, expanding green spaces, regulating emissions, and promoting urban plantation drives.
Tanveer Ahmed Sheikh credited the provincial government, especially Senior Provincial Minister Maryam Aurangzeb, for aggressively implementing anti-pollution measures. He said that cleaner air directly contributes to higher productivity, reduced healthcare costs, better tourism prospects, and an improved investment environment — all essential components for a thriving economy.
He urged industries and citizens to continue cooperating with environmental measures and emphasized LCCI’s commitment to supporting long-term sustainability strategies that improve Lahore’s quality of life and overall economic competitiveness.
Together, the debt reduction, international textile collaboration, and environmental improvement represent a meaningful shift toward stability, innovation, and sustainability — goals that the LCCI says are essential for Punjab’s long-term growth trajectory.
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