Collective public-private efforts are essential to overcome economic challenges, says LCCI – Latest News – The Nation

LAHORE – The Lahore Chamber of Commerce and Industry has praised Prime Minister Shahbaz Sharif for his initiative to focus on agriculture and IT sectors. “These two areas have the potential to pull the country out of the economic quagmire.”
This was the result of LCCI Senior Vice President Mian Rehman Aziz Chan’s conversation with business leaders. He said it was unprecedented that the country’s prime minister had spent more than six hours discussing ways and means to make the next budget business-friendly. He said the Prime Minister was of the view that without the involvement of genuine stakeholders, nothing good can be expected in the years to come. He said the government has political will and is committed to overcoming economic challenges. It is very encouraging that the establishment, the judiciary, political leaders and the business community are on the same page. He said it is a good sign that the government is integrating stakeholders in issues related to trade, industry and economy. Prime Minister Shahbaz Sharif also pledged to incorporate their valuable suggestions into the upcoming budget, which would help build confidence.
He said that the incumbent government aspires to a pro-people budget and is well aware that for a refined, inclusive and effective budgeting, thorough consultation with public and private stakeholders is mandatory. Mian Rehman Aziz Chan said that Pakistan is going through a number of macroeconomic imbalances such as rising inflation, double deficit, continuous depletion of foreign exchange reserves, exchange rate instability and low tax ratio. /GDP. The prevailing global economic outlook with rising fuel and commodity prices is fueling the fire in the national economy.
He said it was encouraging that despite these enormous macroeconomic challenges, the current government firmly believes that if the public and private sectors work hand in hand to tackle these crises, these agonies can easily turn into opportunities. He said the current government has taken a number of effective measures, over a short period of time, to get the economy back in the right direction. Mian Rehman Aziz Chan said the private sector has the ability to come up with solution-oriented ideas to simplify tax systems, improve the ease of doing business in Pakistan, strengthen and broaden the tax base, and mechanisms to improve transparency and accountability in the use of public powers. Resources. He said that the huge role of the private sector in the growth of the economy should be recognized and the voices of the community from every sector should be heard and given due recognition.

He said tough decisions are needed to face economic challenges. He said that the Lahore Chamber of Commerce and Industry has presented comprehensive budget proposals to this government which are to be part of the budget document.

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