Special Investment Facilitation Council (SIFC) National Coordinator Lieutenant General Sarfraz Ahmed has stressed that Pakistan can earn significant foreign exchange through export of skilled labour and widening its industrial base. In this regard, he urged chambers and associations to present joint proposals for maximum economic gains.
Speaking during a visit to the Lahore Chamber of Commerce and Industry (LCCI), where he interacted with the business community of Punjab, Ahmed said that the business community had always played a vital role in Pakistan's economy and despite challenges, they remained committed and contributed to economic growth.
He pointed out that economic conditions were improving fast and industrialisation was a priority for the SIFC, which was going to introduce major reforms in Special Economic Zones (SEZs). He stressed the need for transparency in SEZ frameworks to ensure collective benefit. The SIFC coordinator appreciated Power Minister Awais Leghari for his efforts to bring down electricity prices in order to pave the way for industrial growth.
Sharing his views at the meeting, LCCI President Mian Abuzar Shad commended the SIFC for steering the economy towards stability following volatility in exchange rate, reduction in inflation and improving the cost of living for the public. He attributed the success to joint efforts of Pakistan's political and military leadership alongside efforts of economic policymakers.
On the occasion, LCCI Senior Vice President Engineer Khalid Usman urged the promotion of local investment alongside foreign direct investment. He called for bringing further improvement in the investment-to-gross domestic product (GDP) ratio by particularly boosting domestic investments. Chamber Vice President Shahid Nazir Chaudhry appreciated the SIFC's efforts to boost productivity and foreign investment in key sectors such as information technology, energy, agriculture and mining.
In his remarks, Saarc Chamber of Commerce Vice President Mian Anjum Nisar said that continued economic progress hinged on facilitating exporters and streamlining visa processes for businesspeople. He proposed that reduction in electricity costs would also be a crucial step for enhancing global competitiveness. Former LCCI president Muhammad Ali Mian highlighted the export potential of Pakistan's mineral sector and skilled workforce. He underscored the need for incentivising overseas Pakistanis to increase remittances and suggested developing a comprehensive database to identify the global workforce demand and align training programmes accordingly.
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