LAHORE: Macro-economic reforms and necessary policy changes can turn Pakistan into an economic power, which is a must to tackle the challenges posed by the changing global scenario.
Addressing a seminar here Saturday, Lahore Chamber of Commerce and Industry (LCCI) President Abdul Basit and Vice President Muhammad Nasir Hameed Khan said that there was a dire need to get rid of the external influence to achieve the target of self-reliance and economic stability. They said that those areas should be handled carefully which were hampering collective growth of all sectors of economy. The LCCI office-bearers said that business community could play the role of an ‘Economic Force’, and it should be facilitated and must be
taken into confidence on trade and industry related issues. They said that taxation related issues of business community should be resolved on priority to create environment conducive for business activities. They added that government should also help manufacturing sector to reduce its production cost.
Government should also develop a policy for loss-making Public Sector Enterprises (PSEs) which were becoming an unbearable burden on the national economy and were eating up hundreds of billions of rupees annually, they said and mentioned that these PSEs should be pulled out of deficit that not impossible at all.
The LCCI office-bearers also suggested to the government to announce incentives for private sector to give boost to exports and control fast widening trade deficit. “Pakistan’s exports are confined to a few destinations while a major chunk comprises textiles only. Measures are direly needed to enhance export base by including more items and new export destinations,” said LCCI President.
Abdul Basit said that in the 1960s, the collective exports of a number of Far Eastern countries were much smaller than Pakistan, but today each country has bigger export than Pakistan and they achieved this milestone by giving proper consideration to proposals of their respective business community.