Punjab's economic stability key to national growth

Businessmen demand policy reforms, improved infrastructure, public-private partnership

LAHORE:

Lahore Chamber of Commerce and Industry (LCCI) President Mian Abuzar Shad has said that Punjab's economic stability is critical for national growth as the largest province of Pakistan holds a unique and central role in driving economic progress, given its vast resources, industrial capacity and dynamic business community.

A meeting of business leaders on Friday focused on leveraging Punjab's potential by fostering collaboration between the government and private sector, according to a statement released by the chamber.

The LCCI chief stressed the need for robust policies, infrastructure improvements and business-friendly reforms to maximise the province's economic output and enhance its role as a driving force behind Pakistan's growth story.

Mian Abuzar Shad presented an overview of the challenges faced by the business community, during which he expressed concern over the rising cost of production, energy shortages and high tax rates.

He also shed light on the hurdles faced by small and medium enterprises (SMEs), which form the backbone of Punjab's economy.

He stressed that inconsistent policies and bureaucratic hurdles were deterring investors and stalling industrial growth. He called for taking swift action to address those issues, including simplifying tax structures, reducing regulatory burdens and ensuring uninterrupted energy supply to industries.

Member provincial assembly (MPA) Sadia Taimoor, who was present in the meeting, offered her support for addressing the concerns through legislative measures and government action.

She said that the government was committed to working hand in hand with the private sector to resolve the challenges and foster a conducive environment.

The concerns raised, including the taxation and energy issues, would be taken up with the relevant authorities to ensure immediate action, she stressed.

The MPA highlighted the ongoing government initiatives aimed at infrastructure development, skill enhancement and export promotion, inviting the LCCI to actively participate in such programmes.

The chamber president highlighted potential strategies to ensure the formulation of policies that could reflect ground realities, including establishing joint committees for policy recommendations, promoting SME development through financial and technical assistance, enhancing trade facilitation, reducing cost of doing business and undertaking energy reforms to ensure affordable and reliable supplies.