Business

PIAF, LCCI to work together for cause of trade and industry

Written by The Frontier Post

F.P. Report
LAHORE: The Pakistan Industrial and Traders Associations Front (PIAF) and Lahore Chamber of Commerce and Industry (LCCI) have decided to work together for the cause of trade and industry with the ultimate objective of country’s long-term development.
This was decided during a reception by LCCI president Mian Nauman Kabir held in honour of the newly-elected PIAF Chairman Faheem Ur Rehman Saigol, vice chairman Raja Adeel Ashfaque and other office-bearers held here at the LCCI.
Addressing the reception, PIAF Chairman Faheem Ur Rehman Saigol said that the PIAF as well as the LCCI were moving in the right direction and sincerely working for the cause of business community, citing that it had got various issues of business community resolved through the platform of Lahore Chamber.
He was also of the opinion that despite unprecedented crisis at national level, all efforts were made to restore the confidence of the business community. He promised that the PIAF would continue to serve all small and big members without any discrimination.
He said that government and private sector would have to work together to get rid of the issue of stagnant exports and help accelerate the pace of industrialization across the country to strengthen national economy.
The PIAF chairman said that tight monetary policy was not the only solution to fast increasing inflation but it could be tackled easily by increasing production and cutting unnecessary expenditures. The PIAF would make a plan in collaboration with the LCCI to spend full energies for increasing exports, particularly exports of non-traditional items.
Raja Adeel Ashfaque said that high mark-up rate was affecting industrial sector and the matter needed to be taken care of by the authorities concerned.
LCCI President Mian Nauman Kabir, on this occasion, mentioned that Prime Minister has assured the business community of resolving their genuine grievances on priority and had directed all ministries and attached departments accordingly.
He briefed the PIAF delegation on the measures initiated by LCCI for economic revival and well being of the business community and highlighted the ongoing economic challenges. Pakistan cannot make an impact at international level only because of lack of awareness about latest business methodologies, he said and added that Lahore Chamber is collecting necessary business-related data that would help organize certain unorganized sectors.
He said that steps must be taken to bring down the cost of doing business and the business community should work together for the promotion of trade and industry.
He said that collaboration among public, private sector and academia is a prerequisite to achieve goal of progress and prosperity. He urged the government to bring those sectors into the tax net which are not paying taxes to generate additional revenue. He also called for development of agro-based industries, saying that it has the potential to lead the country to economic stability within a short span of time. Pakistan’s biggest strength is agriculture sector which contributes about 19 percent to country’s GDP and provides employment to about 43 percent of the total population.
This sector is not only a key player in terms of food security and employment but also has an important role in country’s economy as the direct or indirect growth of dozens of industries is also associated with this vital sector, he added.

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The Frontier Post