LAHORE: The newly-elected President of Lahore Chamber of Commerce and Industry Mian Abu Zar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry took their oaths during the LCCI Annual General Meeting and pledged to work for the cause of business community and the economy.
Former presidents and senior group leaders of LCCI Mian Anjum Nisar, Muhammad Ali Mian, outgoing Senior Vice President Zafar Mahmood Chaudhry, outgoing Vice President Adnan Khalid Butt, Faheem Rehman Sehgal, Ali Hassam Asghar and Khawaja Shahzaib Akram addressed the gathering.
In his address, LCCI President Mian Abuzar Shad reflected on his 28 years-long journey and lauded the historical victory of securing 32 seats in the chamber’s election. He acknowledged the leadership of former Presidents Mian Anjum Nisar and Muhammad Ali Mian whose guidance has always been instrumental in advancing business interests.
The newly-elected president also expressed gratitude to Faheem ur Rehman Sehgal, Khawaja Shahzaib Akram, Ali Hassam Asghar, Babar Mahmood and other business leaders for their support.
Mian Abuzar Shad welcomed the recent economic steps taken by the Government particularly the establishment of the Special Investment Facilitation Council (SIFC) viewing it as a significant move towards stabilizing the economy. He highlighted the government’s efforts to improve infrastructure, create investment opportunities and revive economic activity, which has put the economy back on track.
The president further stressed the importance of involving the business community in policy-making saying that the International Monetary Fund (IMF) has recognized the government’s positive economic measures, resulting in the release of $1.03 billion out of the approved $7 billion package. He appreciated the efforts of Prime Minister Shahbaz Sharif, Chief of Army Staff General Asim Munir and Minister of State Ali Pervaiz Malik in achieving this milestone.
Former presidents Mian Anjum Nisar and Muhammad Ali Mian extended their gratitude to the business community for their unwavering support and underscored their resolve to continue working for the betterment of industry and trade, as well as the prosperity of the national economy.
Mian Abuzar Shad also shared significant economic improvements, stating that inflation has dropped from 38% in January 2023 to 9.6% in September 2024, while the policy rate has been reduced from 22% to 17.5%, with further efforts underway to bring it into single digits. He said that Pakistan’s GDP growth has improved from a negative 0.29% to 2.4% with plans to further boost it to 3.5%.
In the realm of large-scale manufacturing, the president said that growth had shifted from -5.4% to 2.4%, foreign exchange reserves are improving and the value of the Pakistani Rupee is stabilizing. He stressed that all national issues must be resolved through dialogue and Parliament, urging that it is the collective responsibility of all to ensure the country’s progress.
The LCCI President expressed support for the government’s decision to expand the tax net, emphasizing that this would alleviate the burden on existing taxpayers. He encouraged members to submit their tax-related suggestions to LCCI and called on the government to simplify the tax system and documentation process for small traders who are struggling due to inflation and difficult business conditions.
The president also voiced support for the government’s decision to digitize the Federal Board of Revenue (FBR), which, he said, would eliminate harassment and misuse of discretionary powers, thereby bringing new taxpayers into the net and boosting tax revenue. He called for urgent measures to control the high cost of doing business, reduce electricity tariffs and promote exports, stressing that political stability is crucial for economic stability.
Senior Vice President Engineer Khalid Usman committed to advocate for the rights of the business community within government corridors and pledged to make his office accessible to all. He expressed determination to deliver on promises made during the election campaign and ensure exemplary service to the business community.
Vice President Shahid Nazir Chaudhry thanked the leadership for their trust and promised to carry out his duties with integrity and diligence. He pledged to utilize the chamber’s resources to promote the prosperity and development of its members.
Outgoing Senior Vice President Zafar Mahmood Chaudhry and Vice President Adnan Khalid Butt presented their two-year performance, highlighting the chamber’s achievements during their tenure.
Earlier, Election Commissioner Nasrullah Mughal announced the final results of the LCCI elections.
Copyright Business Recorder, 2024
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