LAHORE: ( WNAM REPORT): Governor Punjab Sardar Saleem Haider has acknowledged the business community’s crucial role in Pakistan’s economic progress, emphasising their resilience during challenging times. Speaking at the Lahore Chamber of Commerce and Industry (LCCI), he assured business leaders that their concerns regarding high electricity and gas tariffs, as well as supply shortages, would be relayed to President Asif Ali Zardari and Prime Minister Shehbaz Sharif.
Despite adverse conditions, the business sector remains dedicated to national development, the governor stated. However, he highlighted that the current business environment lacks the necessary support and stability for sustainable growth. He reaffirmed the federal government’s commitment to reducing energy costs and improving business conditions.
LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, SAARC Chamber Vice President Mian Anjum Nisar, and former LCCI President Muhammad Ali Mian also spoke on the occasion. The governor stressed that the high cost of energy, coupled with unreliable supply, is impeding industrial growth. He pointed out that countries like Bangladesh, India, Nepal, and Sri Lanka, once trailing behind Pakistan, have now surged ahead economically. He assured that LCCI’s recommendations would be considered in budget planning, while also acknowledging the excessive tax burden on businesses.
“The government must take concrete steps to improve the business climate. We need greater efforts and a clear vision for economic progress. Political stability is improving, inflation is decreasing, and positive indicators such as lower interest rates and a rising stock market offer hope,” he added.
LCCI President Mian Abuzar Shad expressed optimism about the ‘Uraan Pakistan’ initiative under the PM’s leadership, calling it a potential milestone for economic stability. He praised the Special Investment Facilitation Council (SIFC) for promoting investment, highlighting a 33% surge in remittances, which reached $17.8 billion in six months. He also appreciated the UAE’s decision to roll over $2 billion in deposits, reinforcing financial stability.
LCCI officials raised concerns about the high cost of doing business, citing excessive taxation, governance issues, and corruption. They warned that industries are relocating abroad due to unfavourable policies, with foreign direct investment standing at just $1.33 billion in six months.
To revive industrial growth, officials urged the government to lower energy costs, promote green energy, and improve financing for eco-friendly technologies.
