LAHORE: Chief Minister Sindh Syed Murad Ali Shah has appreciated Lahore Chamber of Commerce and Industry’s (LCCI) role for the promotion of trade and industry and offered his all out support to strengthen Punjab and Sindh business ties.

He was talking to LCCI President Mian Nauman Kabir in an hour-long one-on-one meeting here at a local hotel in Lahore. The Chief Minister while sharing his vision with LCCI President on the economy, said that all chambers should sit together to prepare long-term guidelines for Provincial and Federal governments.

“A two-day conference of all chambers should also be arranged on common economic agenda with full support of Sindh government,” the CM suggested. The LCCI President Mian Nauman Kabir said that the business community is facing acute difficulties during inter-provincial trade due to dual taxation. He was of the view that the Lahore Chamber and the Government of Sindh should work together on Ease of Doing Business to deal with the issues like dual taxation through harmonization of provincial taxes.

He agreed with the CM suggestion and said that there should be a charter of the economy to be signed by all political parties to overcome the issues of the national economy in this post COVID era. He said that the economy is at a critical phase of recovery and needs support from all segments, particularly, from the politicians.

The LCCI President invited Chief Minister Sindh to visit the Lahore Chamber of Commerce and Industry to have a meaningful interaction with the business community of Lahore.

Mian Nauman Kabir also shared the initiatives being taken by the Lahore Chamber of Commerce and Industry to promote trade and economic activities. “I am focusing on E-Commerce, Information Technology, Livestock and Dairy development as these sectors have huge untapped dynamic potential”, the LCCI President added.

The LCCI president particularly spoke about the adverse impact of the devaluation of the rupee against the USD on the business community saying that it has increased the cost of doing business tremendously.

He said that historic devaluation in Pak-rupee has been recorded against the USD during the ongoing financial year. He said that the government will have to take immediate measures to arrest the dollar flight as outcomes of delay on this issue will be severe.

Mian Nauman Kabir also expressed concern about the rising inflation which has crossed 9%. He said that though inflation is the aftershocks of covid-19 it should be controlled through concrete measures. President LCCI also stressed on the diversification of exports and the need of restricting non-essential imports to deal with the growing trade deficit.

Copyright Business Recorder, 2021