LAHORE:The Lahore Chamber of Commerce of Commerce & Industry (LCCI) Tuesday welcomed the package offered to the industrial sector.
While reacting to the industrial package, announced by Prime Minister Imran Khan, the LCCI President Mian Nauman Kabir said that it is a good support to the industry. He said that protection of the stakes of industrial sector and a good pace of economic progress is a must to tackle the ongoing challenges.
The LCCI president said that the economic development of the country is directly linked with the development of the industrial sector. He said that the development of industrial sector would attract the foreign investors.
Mian Nauman Kabir said that due attention should be paid to the export-oriented industries to lift exports and to earn much needed foreign exchange.
He said, “We are in a dire need of market diversification in our exports. In order to enhance our exports to the untapped potential markets like Russia, Africa and Central Asia, formal banking channels need to be established on priority basis.” He said there is also dire need to put in place barter mechanism for trade with Iran. “You are requested to direct the relevant authorities to take urgent measures in this regard,” the LCCI office-bearer said.
Th LCCI president said that cost of land for the business community in the industrial estates has reached exorbitantly high levels. There is a need for a simple lease policy through which the land in the existing/new industrial estates can be provided at reasonable rates on long-term lease.
LCCI Senior Vice President Mian Rehman Aziz Chan said that the high policy rate (9.75 per cent) will hinder the process of Industrialization and private sector growth. He said that Pakistan should bring its interest rate at par with the regional rates which are much lower (India 4 per cent Bangladesh 4.75 per cent, China 3.8 per cent, and Sri Lanka 5.5 per cent).
LCCI Vice President Haris Ateeq said that the water tariff for industrial and commercial users in Lahore is considerably higher as compared to other cities of Punjab. “The prime minister is requested to direct the Punjab government to ensure uniformity in water tariff across major cities,” he said.