LAHORE            -            The Lahore Chamber of Commerce & Industry Saturday felicitated Mian Anjum Nisar on a landmark victory in the elections of the Federation of Pakistan Chambers of Commerce & Industry and expressed optimism that economic revival of the country would be top priority of the new leadership.

In a statement, LCCI President Irfan Iqbal Sheikh said that newly elected president of the FPCCI has changed history of the business community in true sense of word.

“FPCCI leadership would continue to accord top importance to the prompt solution to collective problems and issues being confronted by the business community”, he hoped.

Irfan Iqbal Sheikh said that victory with a thumping majority clearly reflects the confidence of business community in judicious policies being followed by the group leadership and new President Mian Anjum Nisar. He said that credit of historic success goes to the all team members as they work day and night for the betterment and welfare of the business community.

He hoped that FPCCI President-elect and his team members will take up the issues of high tariffs of energy, high cost of doing business, trade deficit and below the mark exports with government for round the clock uninterrupted provision of utilities to private sector for revival of economy.

He suggested that new leadership should urge the government to undertake structural reforms with a view to attain a sustainable economic growth rate, besides improving exports volume, as the country has been losing global market share by more than 1.45 percent every year.

He said that improving exports’ performance remains the most relevant long-term structural challenge to alleviate the balance-of-payments constraint to sustained economic growth. He said that on average, during the last 10 years, Pakistan has lost global market share by 1.45 percent per annum, with foreign exchange reserves further declining from $9.8 billion in 2018 to $7.3 billion in 2019, which can finance just one and a half months’ imports.

He said that the current export portfolio is marred by a lack of diversification, as few products are exported by some exporters to limited markets. So, a major enhancement in exports requires huge and wide structural reforms.

He said that Mian Anjum Nisar, who is also former president of the LCCI, is a seasoned businessman and has a vast knowledge about the issues being faced by the trade, industry and economy. Hopefully, new president of FPCCI would give a recipe to the government for economic stability of the country.