LAHORE: As the government basks in the glory of what it has been able to achieve since assuming power, the provincial community of Punjab – the stronghold of the PML-N – has reinforced that belief.
A business confidence report, jointly launched by the Lahore Chamber of Commerce and Industries (LCCI) and Lahore School of Economics (LSE) on Thursday, stated that a significant number of firms in the manufacturing sector have cited increased export sales over the last year and expected it to go up further this year.
A majority of the firms stated that investment increased over the last year and the largest increase came in the manufacturing sector, where around 70% of the firms experienced growth. Across all firms, the increase in investment in 2014 was not financed by bank borrowing but by enhanced sales revenues.
The report further said that 60% firms in the manufacturing and services sectors plan to increase their investment in 2015.
A significant proportion of manufacturing and service sector firms managed to increase their number of employees in 2014 and both these sectors seem optimistic about further increase in their employment levels.
According to the report, 50% of the firms, when asked about their expectations regarding Pakistan’s economy, replied the economy would do better in 2015.
The rector of the Lahore School of Economics Dr Shahid Amjad Chaudhry and Dean of Economics Faculty Dr Azam Chaudhary said that the LSE would continue to provide support to the LCCI on economic issues.
LCCI President Ijaz A Mumtaz said that this report would make LCCI members more aware of their issues and hurdles while expanding their business.
“This report is a true picture of the present economic challenges which are one way or another influencing the private sector.”
Published in The Express Tribune, September 18th, 2015.