LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A. Mumtaz has said that strong public-private partnership can help surmounting the unprecedented economic challenges being faced by the country. The LCCI would continue its untiring efforts in this regard, he said.
The LCCI president was talking to a delegation of the National Institute of Management, led by Chief Instructor Khawaja Shaukat Hussain, here at the Lahore Chamber of Commerce and Industry.
Ijaz A. Mumtaz shared his expertise with the visiting officers on economic challenges, energy shortage, federal budget, trade deficit, Pak-China Economic Corridor and millennium development goals.
He said that the Lahore Chamber of Commerce and Industry aims to promote trade and investment in the country through enacting upon the policies of the government and securing a business friendly environment in the country.
LCCI President said that the Lahore Chamber of Commerce and Industry also tries to secure a business-friendly environment through sharing views with the government. The primary objective of LCCI is to protect the interests of the business community while remaining committed to the cause of development of the country.
He said that there are a number of issues that must be tackled on priority, the biggest one is how to keep the momentum of growth in the wake of a less than targeted growth of the Agriculture and the Manufacturing sector. The second one is the widening gap between exports and imports that could be contained by reducing import of luxury items.
Ijaz A. Mumtaz said that the cut in the low input cost would make Pakistani products competitive in the international market where Pakistan was loosing the international markets to China, India and even Bangladesh.
He stressed the need for developing regional, product specific and target oriented marketing strategy. New markets and new products need to be explored to reduce country’s dependence on few commodities and countries. Ijaz A. Mumtaz said that Pakistan’s exports are highly concentrated in few items. Such concentration in few markets can also become a source for instability in export earnings.
While briefing the participants about the LCCI’s role in policy making, Ijaz A. Mumtaz said that the LCCI has more than 100 sector specific Standing Committees. These committees collect private sector feedback, analyze and filter the same through subject experts. He said that after through debate that feedback is refined and after approval from Executive Committee is sent in the form of Budget Proposals to Ministry of Finance and Economic Affairs for consideration at the time of preparation of the Federal Budget. He said that Chamber monitors the budget, anomalies are identified and these coupled with revised proposals are again communicated to the relevant policy making departments. He said that the LCCI also keeps liaison with foreign missions commercial sections and an exchange of information ensured especially sector reports, concludes Ijaz as saying.
