Macroeconomic reforms needed to tackle challenges

LCCI officials say areas hampering growth need to be handled carefully

LAHORE: Macroeconomic reforms and necessary policy changes can transform Pakistan to an economic power, which will help in tackling challenges posed by the dynamic global scenario.

Addressing a seminar, 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 self-reliance and economic stability.

They said that the areas hampering growth of the economy should be handled carefully.



The LCCI office-bearers said that the business community can play the role of an “economic force” and therefore it should be facilitated and taken into confidence on trade and industry-related issues.

The officials demanded that taxation-related issues be resolved on a priority basis to create an environment conducive for business activities. They said that the government should also help the manufacturing sector reduce its production cost.

“The government should develop a clear policy for the loss-making public sector enterprises that are becoming an unbearable burden on the national economy and are eating up hundreds of billions of rupees annually.”

The LCCI office-bearers also suggested the government announce incentives for the private sector to boost exports and control fast widening trade deficit.

“Pakistan’s exports are confined to just a few destinations while a major chunk comprises textiles only. Measures are direly needed to enhance the export base by including more items and new export destinations,” they added.



At a time when global trade is poised for faster than expected upward growth, the situation in Pakistan needs to be improved, they concluded.

Published in The Express Tribune, August 27^th, 2017.

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