The Lahore Chamber of Commerce and Industry (LCCI) and the Punjab Board of Investment and Trade (PBIT) will conduct joint economic, sectoral and country-specific studies to formulate a joint action plan for attracting new investments in the province.
The decision was taken at a meeting between the President LCCI, Shahzad Ali Malik and Chief Executive Officer Punjab Board of Trade and Investment, Sadaat Muzaffar here at the LCCI office on Friday. Director General LCCI Research and Development, Dr Amjad Bashir was also present.
Both the sides also agreed to constitute a joint core working group to evaluate and reinforce the partnership between the two organisations. It was also decided that a regular consultation mechanism would also be evolved to ensure result-oriented research studies to the stakeholders.
The LCCI has taken two special strategic initiatives for promoting Pak-China and Pak-Turkey trade and investment during 2011. LCCI-PBIT Working Group will identify sectors, opportunities and locations in Punjab where investment from these two important trading partners could be attracted for creating new economic activities in the province.
Speaking on the occasion, President LCCI, Shahzad Ali Malik said that research was critical to taking a strategic approach to planning or economic growth and improved productivity. It is only through economic growth and improved productivity that they could create employment opportunity.
He said that the economies that were far behind Pakistan in the 1960s have progressed far ahead economically and socially on the basis of research. And only due to unavailability of authentic data on many accounts Pakistan could not realise its true potential. He said that it was very unfortunate that in the past, the higher growth rate was only due to inflows of foreign assistance rather than sound economic policies, better governance and the efficient utilisation of resources.
PBIT Chief Executive Officer, Sadaat Muzaffar while throwing light on the role of PBIT said that PBIT is Punjab's premier investment promotion agency linking Punjab to a global network of progressive investors - promoting projects with burgeoning potential. This one-window-operation also facilitates investors by streamlining procedures and institutional processes through proactive policy advocacy within the government.
He said that the PBIT aims to build Punjab's most prized human capital asset as already resource rich, Punjab has infinite possibilities to become a world leader in food production and processing, stemming from availability of arable land and the best canal irrigation system in the world. This region is among the top ten world contributors to citrus fruits, milk, cotton, meat, rice, wheat and mango pulp. Punjab holds the capacity to be the leading producer of these products and provides studies to support and nurture opportunities for new investments.
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