Business

Small business: LCCI calls for setting up well-equipped cottage city

Says this will halt the trend of rural-to-urban migration

APP October 24, 2018

China, South Korea and the US are treating small businesses on a par with the large-scale manufacturing sector. PHOTO: FILE

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Acting President Khawaja Shahzad Nasir has called for early establishment of a well-equipped cottage city on the pattern of industrial zones in the country.

Addressing over 100-member delegation of the All Pakistan Cottage Industry, led by Ghulam Sarwar Malik, at the chamber premises, Nasir said promotional measures should be taken in a bid to strengthen the cottage industry. “It has played a significant role in economic development because it not only provides employment, but also helps nurture the manufacturing sector,” he pointed out.

“The cottage industry should be given due importance and promoted in rural areas in order to eradicate poverty; this will also halt the trend of rural-to-urban migration.” He cited the example of China, South Korea and the United States, saying they were giving equal importance to small businesses and treating them on a par with the large-scale manufacturing sector.

The acting LCCI president was of the view that economic revival of the country would remain a dream until and unless the government redesigned its policies and diverted resources towards the cottage industry.

LCCI Vice President Fahimur Rehman Sehgal called for adopting a two-pronged strategy to cope with the economic meltdown. The government should develop short-term sector-specific policies in order to break the economic logjam as history showed that long-term policies generally fell prey to political uncertainties, Sehgal said.

He asked the government to accelerate the process of consultation with the private sector as the business community was the real stakeholder and no policy should be announced without due consultation with the businessmen.

Malik of the All Pakistan Cottage Industry sought the LCCI’s help for the revival of cottage industry and emphasised that some well-equipped space must be allocated so that people attached with the industry could be able to do business with peace of mind.

Published in The Express Tribune, October 24^th, 2018.

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