LAHORE: President Lahore Chamber of Commerce & Industry(LCCI) Ijaz A. Mumtaz, has said that the knowledge based economy is only way to cope with the challenges posed by the changing global scenario.

Mumtaz, while talking to a group of LCCI members today said that lack of knowledge and research is one of the biggest reasons of our economic deplorable condition. The government has to conduct market research to find out new destinations for the Pakistani products which are the best in the world as far as quality and price is concerned.

He said that Pakistani missions abroad should be bound to introduce Pakistani products to the foreign markets and also ensure dissemination of trade related information so that Pakistan entrepreneurs could avail trade opportunities to the maximum.

He said that trade and Industry is the backbone of the economy as the government generates more than 90 per cent of its total resources from this sector therefore it can make a great contribution in turning Pakistan into one of the greatest nations in the world provided due facilitation and an enabling business atmosphere are ensured.

The LCCI President said that the Lahore Chamber of Commerce and Industry (LCCI) acts as a bridge between the Government and the business community. It has always tried to ensure a business-friendly environment through sharing views with the government and by taking all the stakeholders onboard on all the economy related issues. The primary objective of LCCI is to protect the interests of the business community

He said that there are a number of issues that must be tackled on priority basis.