LCCI: Hailey College of Commerce announces establishment of permanent chair

LAHORE: In a significant development aimed at fostering stronger ties between academia and industry, the Hailey College of Commerce has announced the establishment of a permanent chair for the Lahore Chamber of Commerce & Industry (LCCI). This move is expected to enhance cooperation and collaboration between the prestigious educational institution and the renowned business support organization, marking a significant step in strengthening the industry-academia linkage.

The decision to establish a permanent chair for LCCI at Hailey College comes as part of a broader effort to promote a mutually beneficial relationship between academia and the business community. This initiative is expected to facilitate knowledge-sharing, research collaborations, and the exchange of ideas, ultimately contributing to the growth and development of both sectors.

Expressing his views on the development, LCCI President, Kashif Anwar highlighted the positive impact this collaboration would have on the overall business and academia environment. He emphasised that the establishment of a permanent chair at Hailey College would ensure a sustained and fruitful partnership between the two entities, leading to tangible benefits for the industry, academia, and the wider community.

Speaking on the occasion, Principal of the Hailey College of Commerce, Dr Zafar Ahmed said that this a matter of great pleasure for academia to collaborate with prestigious and historical Lahore Chamber which has a history for the development and the cause of this region’s economy. He said that the Hailey College will for sure learn from the experiences of LCCI.

The permanent chair for LCCI at Hailey College is set to provide a dedicated platform for conducting research, organizing seminars, workshops, and conferences on relevant business and economic topics. This will create opportunities for industry experts, professionals, and academia to exchange knowledge, insights, and best practices, fostering innovation and entrepreneurship.

Furthermore, the collaboration between LCCI and Hailey College is expected to enable students to gain practical exposure to the business world, bridging the gap between theoretical knowledge and real-world applications. This engagement will equip future graduates with the necessary skills and competencies, making them more market-ready and facilitating their seamless integration into the workforce.

Kashif Anwar said the establishment of a permanent chair for LCCI at Hailey College is seen as a crucial step in further strengthening the relationship between academia and the business community. It underscores the commitment of both institutions to nurture a thriving ecosystem that promotes economic growth, innovation, and prosperity.

This initiative has generated enthusiasm and optimism within the business and academic circles, as it signifies a collaborative approach towards addressing the evolving needs of the industry and empowering the next generation of business leaders and entrepreneurs.

The partnership between the Hailey College of Commerce and the Lahore Chamber of Commerce & Industry is expected to serve as a model for other educational institutions and business chambers, inspiring similar endeavors across the country, Kashif Anwar said, and added that by fostering robust industry-academia collaboration, this initiative sets the stage for a brighter and more prosperous future, where knowledge, innovation, and entrepreneurship thrive in harmony.

The president LCCI also visited the Hailey College for a pre-budget seminar and briefed the participants on the expectations and suggestions of the business community. He said the Lahore Chamber of Commerce and Industry proposes several measures to tackle the foreign exchange crisis and stimulate the economy. Recommendations included trade in local currency, barter trade mechanisms, and a declaration scheme to bring undeclared reserves into the economy. The LCCI president suggested rationalising fines and penalties, expediting refund applications, and reducing audit frequency.

He said we have proposed eliminating import duties on non-locally manufactured raw materials, abolishing penalties for nil filings, and resolving pending FBR cases. Sales tax proposals involve lower tax rates for export-oriented industries, and removal of advance taxes on machinery imports. The chamber recommends reducing the corporate tax rate gradually to 15% and simplifying the taxation system.

LCCI president called for lower business costs, focusing on energy and land expenses, as well as providing low-cost financing for solar energy adoption. The chamber suggests a simple lease policy for acquiring land in industrial estates. Lastly, he proposed reviewing the high policy rate to align with regional economies and facilitate industrialisation.

Copyright Business Recorder, 2023