LAHORE: Terming the continuity of policies critical for the development of the country’s economy, Governor Punjab Sardar Saleem Haider Khan said that the economic indicators of the country are improving.

“The interest rate has come down to 15 percent and inflation has also come down to single digits,” the governor said while speaking at a ceremony organized by the Federation of Pakistan Chambers of Commerce and Industry at the Governor House Lahore.

The ceremony was attended by the newly elected presidents and group leaders of all the chambers of commerce and industry, small chambers, women’s chambers and joint chambers.

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Addressing the ceremony, the governor said that the business community is the backbone of the country’s economy while industrial growth fosters social and economic development.

The governor said that it is a sorry state of affairs that despite being an agricultural country, we are importing food items. At present about 25 million sacks are lying outside in warehouses which are likely to spoil, he said, adding: “Our industries are currently suffering due to IPPs. Due to the efforts of FPCCI and Gohar Ijaz, situation of five IPPs has improved. Like Russia, we also have to build strength to deal with IPPs.”

He said that things are getting better and will improve further and we will not be needing the support of IMF. He further said that the tax system should be simplified. He said that we have to respect the tax payers.

FPCCI President Atif Ikram Sheikh, UBG/FPCCI Patron-in-Chief SM Tanveer, Senior Vice President Saqib Fayyaz Magoon, Vice President and Regional Chairman Zaki Ijaz, UBG President Zubair Tufail also addressed the ceremony.

Copyright Business Recorder, 2024