The Lahore Chamber of Commerce and Industry (LCCI) on Thursday assured its full support to USAID Pakistan Trade Project that is aimed at harnessing the power of international trade as an engine for sustainable economic growth for the country. The assurance was given by the LCCI Vice President Faisal Iqbal Sheikh while talking to a six-member USAID Pakistan Trade Project team. LCCI former Vice President Aftab Vohra also spoke on the occasion.
Manager Pakistan Trade Project gave a detailed presentation about progress on Pakistan Trade Project. The LCCI Vice President said that the issue of informal trade was hitting Pakistan economy hard and there was an urgent need to take up the issue head-on. He said the LCCI would continue to play its due role for an improved trade environment in Pakistan by supporting the implementation of effective trade related policies, procedures, systems and practices that effect the movement of goods across Pakistan's borders.
Speaking on the occasion, the Advisor Pakistan Trade Project said that the trade project has been designed to increase regional trade, especially through Pakistan's borders and by building capacity of Pakistan's private and public sector institutions to develop and manage sustainable and competitive Special Economic Zones specifically the Reconstruction Opportunity Zones.
He said that by reducing the time and cost of international trade through Pakistan increasing formal cross-border trade and supporting Reconstruction Opportunity Zones, the trade project will accelerate Pakistan's integration into the global economy. He said that in addressing Pakistan's trade and economic development challenges, the Pakistan Trade Project has adopted five key principles, including direct and indirect job creation through competitive and sustainable Special Economic Zones and ROZs that would encourage investment in some of the most under-developed areas of Pakistan.
He said that the Trade Project is striving to maximise local participation through focusing on building capacity of public and private sector institutions as key implementing partners of project activities and as the key agents for sustaining the impact and the direction of change beyond the life of this project. He said that through a continuous consultative approach, local focus and development of local capacity, the Trade Project would ensure that its benefits persist for a longer period.
The Trade Project has set systematic and measurable targets by identifying meaningful indicators. The project is built on consultative processes with public and private sector stakeholders, human and institutional capacity building and leading international practices that have underpinned the successful implementation of complex projects in some of the world's most challenging environments.
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