LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said here that economic challenges, particularly low exports and high trade deficit, had underlined the need for a well-consulted and powerful trade policy that could perform as driving force for the economy.
They urged the government to focus on paradigm shift to enable local businessmen to become globally competitive and can export those products which were valued more in the international market.
The LCCI Office-bearers said that today the country's industry was facing multiple challenges including high input cost, low productivity and foreign investment, lack of product and geographical diversification.
They said that high utility prices were the major factor therefore the government should focus on the issue that had not only jacked up the cost of doing business in the country but also fast making Pakistani exports uncompetitive.
They said the government would have to tackle pressing supply side constraints including cost of capital on priority basis for enhancing competitiveness as Pakistani merchandise were fast losing their due place in the global market only because their high prices.
They also urged the government to focus on South America and African Union where competition was low and profit was high. They said that country's exports can become an engine of growth and prosperity in Pakistan, if relevant institutions, both in public and private sectors implement a well tailored, well consulted and widely discussed strategy.
They also suggested introduction of a new scheme for exports under which zero-rated import of some inputs should be allowed. They said that a little attention towards identification of new markets for Pakistani merchandise could do a lot for the country and in this regard, Pakistani missions abroad and Lahore Chamber of Commerce and Industry was ready to play a proactive role.
They said that oil import bill was one of the major reasons of high trade deficit therefore, alternative fuels and resources should be promoted.
They said that duty-free import of plants, machinery and equipment should be allowed for establishment of new industries. They said that machinery and spare parts should be imported from the nearest countries while institutions should be established to produce skilled manpower for mining sector.
They said that Trade Development Authority of Pakistan (TDAP) should support Pakistani delegations visiting abroad. They said that garments cities should be established in Lahore, Karachi and Faisalabad, besides establishing expo centers in other cities as well.