LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Faheem-ur-Rehman Saigol has said that State Bank’s decision to reduce the policy rate by 50 basis points is a positive step and will help promote economic activity.
He added that considering the current situation, it has become essential to bring the interest rate into single digits.
He was speaking here at LCCI’s Extraordinary General Meeting (EOGM) that was also attended by LCCI Senior Vice President Tanveer Ahmed Sheikh, Vice President Khurram Lodhi, SAARC Chamber Vice President Mian Anjum Nisar, former LCCI president Muhammad Ali Mian, former SVPs Zafar Mahmood Chaudhry and Khalid Usman, former VPs Haris Ateeq and Shahid Nazir, Executive Committee Members, and a large number of members.
Saigol stressed that the cost of doing business in Pakistan has increased to an unbearable level, making it difficult for industry and trade to operate. Therefore, the industrial sector urgently needs immediate and effective relief. He warned that high interest rates along with expensive electricity and gas tariffs are forcing industries to shift abroad, which is a dangerous trend for the national economy.
The LCCI President said that inflation has caused an unusual increase in costs across all sectors of life, putting pressure on the business community. He emphasized that electricity prices should be brought at par with other countries in the region to make local industry competitive. He called for bringing non-filers into the tax net through incentives, while providing more facilitation to existing taxpayers. He also demanded a simple, transparent, and business-friendly tax system and the abolition of unnecessary withholding taxes.
Faheem ur Rehman Saigol said that growing trade deficit makes it essential to promote exports and provide facilitation to exporters. He stressed the restoration of the Final Tax Regime and timely payment of duty refunds.
SAARC Chamber Vice President Mian Anjum Nisar thanked the members for their participation and said that the Lahore Chamber will continue to serve its members and work for the resolution of their issues. He noted that rising business costs have become a serious challenge for industry and trade, and called for policy continuity and practical measures to address the situation. He urged the government to provide relief to industrialists and traders through tax reforms and cost reduction in order to boost economic activity.
The meeting discussed in detail all agenda items, which were approved by a majority vote. At the conclusion of the meeting, members reaffirmed their commitment that the Lahore Chamber will continue to play an effective role in protecting the rights of the business community and promoting business-friendly policies in the future.
