LAHORE-The Lahore Chamber of Commerce & Industry has presented a roadmap for enhancing exports to Prime Minister Imran Khan.

LCCI President Irfan Iqbal Sheikh presented document to the PM during a meeting in Islamabad. The document has highlighted the potential of various sectors of economy and has a vast range of proposals, execution of which could increase export and help country to achieve the target of export-led growth.

PM Imran Khan valued the LCCI plan and its supportive measure aimed at economic sustainability of the country. He said that role of business community was important in generating economic activities and job opportunities. He reiterated government resolve to facilitate the business community and taking various measures to create an environment conducive for businesses.

“Government wants the business community to grow businesses, make profit and create wealth as a nation cannot prosper if there is no wealth creation”, he said, adding, 2020 would be the year of progress and prosperity. He said that the government was taking long-term, mid-term and short term measures to bring the economy back on track.

The continuous support and co-operation extended by the business community have significantly improved revenues. He said that Pakistan’s entrepreneurs ensured the economic viability of the state that inherited negligible industrial base at the time of independence. He said that the accelerated growth has been achieved with the cooperation of business community. The government was engaging private sector under public-private ventures.

Irfan Iqbal Sheikh said that exports have a paramount importance in Pakistan’s economy as they were the main source of revenue generation (greater than 20 billion dollars) and employment. He said that export performance of Pakistan as compared to other regional economies has been appalling in the last few decades.

This can be well illustrated by the export comparison of Pakistan and Turkey in 1980 when the exports of both countries were comparable. “In 2018, exports of Turkey were around US$ 167 billion while that of Pakistan are stagnant around US$ 24 billion. Turkey’s exports are hence more than six times of Pakistan’s exports which are only 0.12% of world exports as our country ranks 68th in world exports”, he said.

He said that the inability of Pakistan exports to tap some of the most dynamic world markets along with high concentration in a few products and low technological level meant that Pakistan’s growth rate of exports remained stifled and considerably below than that of other economies.

“As Pakistan aims to become a competitive economy in the region and grow above 7%, it is imperative for us to enhance our export revenues to deal with multi-dimensional economic challenges that have confronted our nation”, he added.

LCCI, LCWA sign MoU

Lahore Chamber of Commerce & Industry and Lahore Council for World Affairs (LCWA) have inked a memorandum of understanding to work jointly for the cause of trade, industry and economy.

LCCI Senior Vice President Ali Hussam Asghar and LCWA President Javid Hussain signed the agreement at LCCI on Saturday. LCCI Vice President Mian Zahid Jawaid Ahmad, former LCCI Presidents Mian Muzaffar Ali, Farooq Iftikhar, Almas Hyder, Executive Committee Members Haris Attique, Aqib Asif, Haji Asif Sehar, Fiaz Haider and Arshad Khan were also present.

According to the signed document, LCWA will offer consultation services for organizing single country or regional trade exhibitions/festivals, food festivals and other economic activities in Lahore. LCWA will offer its advice and expertise in the promotion of exports arranging visits of trade delegations. LCWA can also use its expertise in attracting foreign investment for economic projects through investment promotion activities in Lahore and abroad.

LCWA will organize short orientation courses for members of LCCI delegations proceeding to foreign countries for trade and investment promotion purposes.

This would equip the delegation members to interact meaningfully with their overseas counterparts/partners. LCWA is also in a position to offer expert legal advisory services to the members of LCCI on external trade and investment related disputes and issues. LCWA can provide political risk analysis relating to specific countries and regions. A Standing Committee on “World Affairs” would be formed in LCCI with inclusion of members from LCWA, with quarterly meetings.

Ali Hussam Asghar hoped that the MoU would help both the institutions to achieve their desired goals.