Kashif Anwar’s special interview with Business Recorder

TEXT: President of the Lahore Chamber of Commerce and Industry Kashif Anwar says:

Business Community Serviceis my Motto

• Meeting with COAS was a source of encouragement: Kashif Anwar

• Governor is my next door neighbor so I enjoy his patronship: LCCI President

• Meetings with Ex-Prime Minister were fruitful

The team of Business Recorder conducted an exclusive interview of the President of Lahore Chamber of Commerce and Industry Kashif Anwar who has a strong grip on trade, industry & economy related issues besides having a deep knowledge about the taxation issues and their solution. Let’s have a look on the thoughts which he has shared.

Charter of Economy

The Charter of Economy should be one of our priorities as it is the only solution to economic challenges. The President LCCI said that every patriot Pakistani should pay his due taxes and should be in the tax net. Since assuming the role of President at LCCI, he has been actively working to expand the tax base by engaging every association and individual who visits LCCI.

Meeting with COAS

Talking about his recent meeting with the Chief of Army Staff General Asim Muneer, Kashif Anwar said that it was very good as a result of a notable cut in interbank and open market dollar rate, revival of stock market and positive economic indicators. The keen interest of COAS in the economic revival of the country is a good sign for the economic future of the country. All economic indicators responded positively.

The primary objective of the Lahore Chamber of Commerce and Industry is to play a role to bolster the economic activities. The meeting with the COAS is a breath of fresh air which has given the business community a new courage and hope. The foreign direct investment would also take a positive turn. Charter of Economy, Devaluation of Rupee, High Cost of Doing Business, Reduction in Electricity bills, Undocumented Sectors came under discussion.

Importance of Interactive Dialogue

Kashif Anwar emphasized the importance of an enhanced and sustained interactive dialogue between the business community and relevant authorities.

Grey Economy

President LCCI said that the expansion of the tax base would remain elusive as long as the grey economy remains unincorporated, unable to contribute to the formal, white economy. We hope that in near future the issues like rate of inflation, devaluation, interest rate and cost of doing business will get resolved.

Budgetary Measures

To a question, the LCCI President said that in the budget, the previous government tried to give us all the facilities we were asking for, like the limit of SMEs was increased from 250 million to 800 million. Remittances from expatriates with no source disclosure were enhanced to 100,000 USD, incentives for the IT sector and no new taxes were imposed. The government had to accept the conditions in the IMF agreement and many facilities given in the budget were withdrawn.

Remittances, FDI

The LCCI President said that the remittances have decreased by four billion dollars last year. Many problems are caused by devaluation. FDI is not coming into the country due to the high cost of doing business.

Import Substitution

Import substitution through Industrialization and localization should be the top priority of the Government. This will help in curtailing the import bill and the trade deficit. Furthermore, it would also increase the competitiveness of our industry, which would help in enhancing exports.

Regulatory, Customs Duties

Regulatory duties and customs duties should be abolished on raw materials which are not manufactured in this country.

Interest Rate

The interest rate is 22 percent. If it decreases, the business cost will decrease.

Alternate Energy

The LCCI President said that solar and alternative energy should be made mandatory for houses of more than one kanal. Work should be started on reservoirs and dams to avoid floods.

State Owned Enterprises

Loss-making State Owned Enterprises should be privatized.

Small and Medium Enterprises

SMEs should be promoted. They should be given easy access to loans. Banks should be asked to ease conditions for loans.

Undeclared Money

The steps should be taken to regulate the undeclared money. He said that the confidence of overseas Pakistanis should be restored.

He said that the government’s work on climate change is commendable. He said that the Assessing Officer should be accountable if he does wrong. He said that political stability is essential for economic stability.

Copyright Business Recorder, 2023