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PM appreciates private sector, pledges all our support

PM appreciates private sector, pledges all our support

Lahore, September 17 – Executive Committee of the Lahore Chamber of Commerce & Industry, headed by the LCCI President Malik Tahir Javaid, had meeting with Prime Minister Imran Khan and donated Rs.10 million to the PM Dam Fund.  The LCCI President Malik Tahir Javaid, along with Senior Vice President Khawaja Khawar Rasheed, Vice President Zeshan Khalil and Executive Committee Members, presented the cheque of Rs. 10 millions to Prime Minister Imran Khan.

“This zeal and courage is required to put the country on the rails of progress and prosperity, Prime Minister Imran Khan said and hailed the gesture shown by the Lahore Chamber of Commerce & Industry. He described the ongoing water crisis as the biggest challenge confronting the country. He said that if new water reservoirs are not built within seven years, the country would be facing a drought-like situation.

No foreign country, he said, is willing to lend more loans for building dams because the country is already overburdened by heavy foreign debts.

“I have been briefed by government departments about the challenges being faced by Pakistan on the economy and energy fronts. But in my opinion, the biggest challenge the nation has been facing is water scarcity,” the prime minister said.

The Prime Minister said Pakistan had only two major dams as compared to 84,000 in China and 5,000 in India. Due to lack of storage capacity, 80 per cent or river water went to waste within a period of two and half month.

The LCCI President Malik Tahir Javaid said that under Prime Minister’s vision of Economic and Social justice that is being echoed by masses, Pakistan would not only be able to tackle the economic challenges but also emerge as the economic power house of South Asia by growing at above 8%.

He appreciated the PM for choosing a group of highly professional and competent team members in Federal Cabinet and hoped that they will work tirelessly to take Pakistan to the road of economic prosperity in line with your vision.

He hoped that the Business Advisory Council which the Government plans to form would lend more opportunities to the members of private sector to play their role in reviving the Industrial sector of our country.

Malik Tahir Javaid said that the taxation system needs reforms based on ground realities and due consultation with stakeholders to ensure result-oriented policies for the business community and added that the practice is followed in the developed countries where taxation reforms are preceded by extensive consultation. He hoped that following these norms of consultation, Government would engage the private sector extensively in the formulation of the upcoming Federal Budget.

He said that the harmonization of taxation system across the country is imperative to get around the issue of dual taxation. The high frequency of tax payments, multiple tax collection agencies, pending sales tax refunds and withholding tax on banking transactions are other important issues which need the urgent intervention of the Government.

He further stated that the issue of high trade deficit can be managed by enhancing exports through greater product diversification and value addition. This can be done by establishing Export Clusters/SEZs for technology intensive exports (with special focus on engineering industry) and by diversifying Pakistan’s exports to untapped markets through greater role of TDAP, Embassies and Commercial Counselors.

He appreciated that the inclination of new government to transform the tourism sector which can be instrumental in attracting a sizeable Foreign Direct Investment in the country.

The other members of the LCCI delegation, were Shahrukh Jamal Butt, Abdul Basit, Muhammad Nadeem Qureshi, Muhammad Arshad Chaudhry, Mian Muhammad Nawaz, Ali Hussam Asghar, Awais Saeed Piracha, Chaudhry Tahir Manzoor, Tehmina Saeed Chaudhry, Muhammad Wasim, Muhammad Khalique Arshad, Muhammad Bashir, Adeeb Iqbal Sheikh, Fahim ur Rehman Saigol, Muhammad Naeem Hanif, Muhammad Chaudhry, Malik Kaleem Ahmad, Sheikh Zafar Iqbal, Ch. Aurangzeb Aslam, Dr. Shahid Raza, Nabila Intisar, Salman Basit, Ex. EC member Talha Tayyab Butt, EX. EC member Mudassar Masood Chaudhry and Shahid Khalil.