LCCI seeks nod for 24/7 industrial operation

Calls for diversifying export markets to boost revenue, tackle unemployment

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to allow 24/7 industrial operations with standard operating procedures (SOPs) to let the sector grow, fetch export revenues and overcome unemployment challenge.

Talking to a group of industrialists on Tuesday, LCCI President Irfan Iqbal Sheikh said though the coronavirus had shattered economies across the world, the post-corona era would bring opportunities, particularly in the export sector, on a vast scale.

“We have to add to our industrial production,” he said and promised that the industry would leave no loophole in implementing the SOPs and safety measures prescribed by the government.

He said allowing round-the-clock industrial operations would be a wise decision as the industrial sector was the main victim of the coronavirus pandemic. The LCCI president stressed that it was the industrial sector that could mitigate the shock to the national economy due to coronavirus, therefore, the government should support it.

While calling for an immediate strategy for the post-Covid-19 situation, Sheikh underlined the need for diversifying export markets as about 55% of Pakistan’s exports went to 10 countries. These were the US, China, the UAE, Afghanistan, the UK, Germany, France, Bangladesh, Italy and Spain.

He said there was ample potential for increasing exports to other world markets where Pakistan was an under-achiever, such as South American nations, African countries, Central Asian Republics and Russia, where the combined share of Pakistan’s exports was less than 10% of its total exports.

“This can be done by organising road shows, single-country exhibitions, sending export-oriented delegations and exchange of information between trade bodies of Pakistan and these countries.”

The LCCI president stressed the need for introducing new products and value addition through export-oriented Special Economic Zones (SEZs) and Export Processing Zones (EPZs) in a bid to capture a larger share in world trade.

He asserted that Pakistan also had to make a strategic shift in the composition of exports, which required promoting medium and high-technology products.

“Pakistan’s exports are highly concentrated in a few items like textile goods, leather products and rice, which account for about 70% of our total exports.”

He said EPZs and SEZs should be equipped with the latest facilities like water treatment plants, certification labs, one-window facility and solid waste management. Export targets should also be given to the companies operating in EPZs and SEZs, he added.  

Published in The Express Tribune, June 10^th, 2020.

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