The Lahore Chamber of Commerce and Industry (LCCI) and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have joined hands and would work collectively to flourish trade and economic activities in the country.
The decision was made during the visit of FPCCI President Mian Anjum Nisar to the Lahore Chamber of Commerce & Industry on Thursday. Current economic scenario and challenges being faced by the trade and industry came under discussion.
FPCCI President Mian Anjum Nisar said that the public-private partnership is the premium solution of the challenges being faced by the business community and is also a good recipe for economic revival of the country. He called for a level-playing field not only for the exporters but also for the domestic industry, which cannot compete with the regional countries due to the high interest rate and energy tariffs.
He said that improving exports' performance remains the most relevant long-term structural challenge to alleviate the balance-of-payments constraint to sustained economic growth. He said that the current export portfolio is due to a lack of diversification, as few products are being exported by some exporters to limited markets. So, a major enhancement in exports requires huge and wide structural reforms.
FPCCI chief suggested the relevant government departments to join heads with the private sector for finding out a methodology for increasing the exports of the country. He said that a more diversified economy results in more diverse exports, and this is required to acquire the wider set of productive capabilities that is needed to export goods with a higher level of sophistication.
LCCI President Irfan Iqbal Sheikh emphasized the need for economic diplomacy to cement Pakistan's trade and economic ties with the outer world. He said that Pakistan cannot remain in isolation in the present economic arena where all countries are working hard to contribute heavily and to get maximum share in the international trade. He said economic diplomacy should be a high priority for the government. Economic diplomacy is defined as the decision-making, policy making and advocating of a state's business interests.
He said that agenda of economic diplomacy should be very comprehensive and includes, amongst other issues pertaining to foreign trade and import-export relations, promoting national economic interests in other country, informing and updating potential foreign investors on investment opportunities, negotiating economic and trade agreements on economic and trade cooperation.
He said both the Lahore Chamber and FPCCI have their own strengths and the joining of hands by the two institutions would bring a positive change at the economic front. He said that Pakistan cannot make an impact at international level only because of lack of awareness about latest business methodologies.
He said that the Lahore Chamber of Commerce and Industry is also spending a considerable amount of energy on the collection of necessary business-related data that would help bring convert certain unorganized sectors into organized ones. He further said that duties and taxes on the import of industrial raw materials should be reduced to bring down the cost of doing business.
He said that there is a dire need to jointly work for improving Pakistan's perception that has been tarnished by the enemies of the country for their ulterior motives and to achieve this goal all the chambers of commerce and industry of the country and the trade bodies would have to work hand in hand.
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