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Private sector can “do more” for economic stability: Malik Tahir Javaid

Private sector can “do more” for economic stability: Malik Tahir Javaid

LAHORE: Provincial Finance Minister Dr. Ayesha Ghaus Pasha and the LCCI President Malik Tahir Javaid jointly inaugurated the LCCI Exhibition “Zauq-e-Hunar” at Royal Palm Club. The LCCI executive committee members and people from different walks of life were present on the occasion. As many as over 66 stalls of textile, precious & semi precious stones, automobile, motorbike, agriculture sectors have been displayed at the exhibition.

Dr. Ayesha Ghaus Pasha extolled the LCCI initiatives for promotion of trade and economic activities in the country. Talking about economic scenario, she said the government is making sincere efforts to overcome economic challenges, adding that promotion of local industries and confidence building of investors was an integral part of government policy.

The LCCI President Malik Tahir Javaid said that the Lahore Chamber of Commerce & Industry is organizing regular basis as “exhibition means business for the country” and leading companies of different countries take part in these events.

“To grab huge foreign investments, we need to tell the world that large-scale economic changes in Pakistan have crated good opportunities.” He said that macroeconomic stability can increase the competitiveness of Pakistani goods and services”, Malik Tahir Javaid added.

The LCCI chief said that prospects of growth are directly dependent economic freedom and government’s ability to provide favorable and transparent atmosphere for businesses. He said that government should reduce burden from the existing taxpayers and expand tax net through corrective measures.  He said that creation of atmosphere conducive for businesses will also strengthen private sector and enable it to do more for the cause of economic stability of the country.

Malik Tahir Javaid further stated that elimination of harmful taxation that hinders business and trade in the country is need of the hour. There is, therefore, an urgent need to reform the taxation system by engaging all the stakeholders. He said that withholding tax should be reviewed and tax credit should be given to withholding agents performing state duties. This tax credit should vary in slab based on withholding tax deducted and deposited by withholding agents.

He said that Punjab is the largest and most important province as most of the export-oriented sectors are located here and playing an important role. He said that reforms for the Punjab industry will certainly play a pivotal in much-needed boost in exports.

Earlier, Punjab Finance Minister Dr. Ayesha Ghaus Pasha and LCCI President Malik Tahir Javaid visited the stalls.