Political stability key to economic progress: Gilani

Assures businessmen of arranging meetings with Senate bodies to address woes

LAHORE:

Senate Chairman Syed Yousuf Raza Gilani has acknowledged that political stability is the cornerstone of economic progress and prosperity.

Talking to businessmen at the Lahore Chamber of Commerce and Industry (LCCI), Gilani urged the LCCI leadership to establish robust connections with political parties. He assured them of arranging direct meetings with heads of Senate standing committees and federal ministers. He stressed that business growth, goods prospects for commerce and economic development were the matters that were close to his heart and urged the business community to engage in collaborative efforts to address the challenges and seize opportunities.

The Senate chief called public-private partnership critical for achieving economic development and underlined the need for drawing up policies that could promote manufacturing, value addition, innovation and renewable energy.

"Hydropower is the best option for affordable and environment-friendly energy," he said, adding that agriculture must also remain a top priority. Gilani emphasised that agricultural productivity should be increased while addressing issues such as adulteration in seeds and pesticides and ensuring the availability of quality inputs. "Everyone must pay taxes," he said and called for embracing reforms to ensure fairness and transparency in the tax system.

The Senate chairman backed the LCCI's proposals for restructuring or privatising the loss-making state-owned enterprises such as Pakistan Post Office, Pakistan Steel Mills and Pakistan International Airlines, which had been a consistent drain on national resources. "I maintain strong connections with chambers across the country and the LCCI's contribution to the economy is remarkable," Gilani added.

Speaking on the occasion, LCCI President Mian Abuzar Shad said like the Senate, the Lahore Chamber had also constituted sector-specific committees to address industry challenges effectively. He said that the private sector should be given representation in Senate standing committees for robust economic outcomes. He also praised efforts to ensure stability of the Pakistani rupee, terming it a significant achievement that deserved special credit.

The LCCI president called on the government to offer incentives and facilities to overseas Pakistanis. "If adequate privileges are provided, remittances from expatriate Pakistanis can increase by 50%, significantly boosting our foreign exchange reserves." Shad underscored the need for ensuring policy continuity, reducing energy costs and ensuring transparency in governance, which would create a business-friendly environment and attract foreign investment.

He urged the government to introduce export-friendly policies and highlighted the potential of non-traditional export sectors. He supported the privatisation of loss-making state enterprises, saying that those organisations must either be restructured or handed over to the private sector to minimise the fiscal burden.

"Political stability directly impacts the business activity; even a single day of disruption results in losses of Rs10 billion," he remarked.

Sharing their views, LCCI Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry stressed the need for public-private collaboration to tackle economic challenges. They called for reducing energy costs and making investment in hydropower projects, which could provide businesses with affordable electricity. The LCCI office-bearers highlighted the importance of reforms in taxation and production policies to ensure the competitiveness of local industries. They added that the industries were the backbone of the economy and their revival was the key to achieving sustainable development.