LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad has said that dream of economic stability can only come true if we adopt a realistic approach towards the challenges while keeping in view the ground realities. Therefore, the government should revisit its all trade and industry related policies while taking private sector on board.
He was talking to the trade delegations of the city markets on Saturday. The LCCI Senior Vice President Almas Hyder and Vice President Nasir Saeed were also present on the occasion.
The LCCI President said that genuine reservations of the business community regarding cost of doing business and withholding tax on banking transaction.
The LCCI president said all policies would give desired results if they are made in consultation with concerned stakeholders and all others made in isolation would definitely not work the way they should.
Sheikh Muhammad Arshad said that Pakistan is the fourth largest cotton producing country of the world while we have the fifth and third largest reserves of gold and copper and coal respectively.
According to a rough estimate, value of our coal reserves is around $3 trillion that is 187 times more than the GDP of Pakistan. It could also be an eye-opener that worth of our coal reserves is higher than the combined oil reserves of Saudi Arabia and Iran.
”Only 2 percent of Pakistani coal reserves could generate 20,000 megawatt electricity for almost 50 years.
“Well directed efforts should be made to get benefit of these revenues, the LCCI president said.
He said early construction of water reservoirs was a solution of energy demand and supply gap and the government should utilize all of its resources to generate cheaper electricity.
In addition to gold, copper and coal, the country is also enriched with vast reserves of precious stones, gypsum, salt and marble but instead of taking full advantage of these resources most of the share is being exported in raw form and a little attention is towards value addition.
He said that heavy internal and external borrowing, lowest tax-to-GDP ratio, inefficiency of Public Sector Entities, corruption and bribery are the other reasons of economic decline and only upright and honest leadership in every tier of life can help save the nation from these evils.
Sheikh Muhammad Arshad assured the visiting delegations that the LCCI would continue to act as bridge between private sector and government.
