Macroeconomic reforms needed to tackle challenges
LCCI officials say areas hampering growth need to be handled carefully
LCCI. PHOTO: LCCI
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.
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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.
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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 27th, 2017.
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.
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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.
LCCI warns against rupee devaluation
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 27th, 2017.