Business community’s inclusion in policymaking vital for investment: Qaiser Sheikh

LAHORE, Oct 12 (APP):Federal Minister for Board of Investment Qaiser Ahmed Sheikh said on Monday that the government would work closely with the Lahore Chamber of Commerce and Industry to promote investment, facilitate the business community and accelerate industrial growth.

“One-window facilitation, special economic zones and business community’s inclusion in policymaking vital for investment,” he added.

During his visit to Lahore Chamber of Commerce and Industry (LCCI) here, he said, the business community must be involved in policymaking, regulatory matters and economic decisions, as industrialists and traders understood ground realities and business challenges.

LCCI President Ali Hussam Asghar, Senior Vice President Sardar Usman Ghani and Vice President Chaudhry Khadim Hussain also spoke on the occasion while former vice presidents Mian Zahid Javed and Haris Ateeq, senior members Khawaja Shahzaib Akram, Amjad Chaudhry and Mian Sohail Nisar, along with Executive Committee members Azeem Iftikhar, Amir Ata Barry, Syed Yousaf Jamil, Muhammad Umar Abdullah, Syed Azmat Ali, Ali Raza, Atif Amin, Muhammad Shahzad and others also attended the meeting.

Qaiser Ahmed Sheikh said that the business community should not merely be informed about policies but actively involved in their formulation. Government departments should consult chambers of commerce and industrial representatives before making decisions concerning regulations, business standards and investment, ensuring that policies remained practical and did not create unnecessary obstacles for commercial activities.

The minister said, an effective one-window facilitation system was essential to save investors from visiting multiple departments and facing unnecessary delays in obtaining approvals and the Board of Investment and the government were doing a lot in this regard.

He assured the business community that the Board of Investment would maintain close coordination with LCCI to address investment-related issues.

He described the development of Special Economic Zones (SEZs) as an important measure for attracting investment. He said allocating land alone was insufficient.  Roads, infrastructure and other essential facilities must also be provided to attract investors and encourage the establishment of industries.

Qaiser Ahmed Sheikh also highlighted the planning of utilizing approximately 6,000 acres of Pakistan Steel Mills land in Karachi as a Special Economic Zone. He invited the interested investors to avail the opportunities. He said the effective use of large industrial landholdings, supported by adequate infrastructure, could create new opportunities in manufacturing, logistics, industrial investment and exports.

He said local industrial competitiveness, production capacity and export potential should be considered when formulating trade policies. He said investors needed a predictable business environment, clear regulations and consistency in government decisions to make long-term investment plans with confidence.

LCCI President Ali Hussam Asghar said, the business community played a vital role in economic growth, employment generation and investment, but actions by government departments and the exercise of discretionary powers were creating difficulties for industrialists and traders.

He said that LCCI did not oppose the implementation of laws and regulations. However, enforcement methods should not unnecessarily disrupt legitimate business activities. Instead of immediately registering FIRs, sealing business premises or taking harsh action over minor or rectifiable violations, authorities should provide businesses with reasonable time and an opportunity to correct the shortcomings.

Ali Hussam Asghar also stressed the need to review relevant laws, including the Punjab Environmental Protection Agency Act and the Punjab Food Authority Act and consider necessary amendments. He said LCCI was reviewing relevant legislation and would put forward proposals for consideration at the provincial and national assembly levels. He said the tax system should build confidence among taxpayers, reduce unnecessary disputes and facilitate compliance rather than create avoidable difficulties for businesses.

The LCCI president said that several industries in Lahore had been operating for between five and 30 years but were now facing relocation notices from the Lahore Development Authority and other relevant departments. He called for a clear, uniform and transparent industrial relocation policy, with reasonable deadlines, alternative industrial sites and consultation with chambers of commerce and industry representatives.

The LCCI president informed the minister that the LCCI had established a complaint centre to help members raise issues with relevant authorities and follow up on their resolution.

The LCCI president highlighted the importance of financing for small and medium-sized enterprises (SMEs) and appreciated the efforts of Prime Minister Shehbaz Sharif, Federal Information Minister Atta Tarar and Advisor to PM Haroon Akhtar regarding the SME financing package.

LCCI Senior Vice President Sardar Usman Ghani said investment should be made a national priority and Pakistan should adopt an investment-led economic growth strategy. He said that investment performance should be measured not merely through announcements but through actual capital inflows, the establishment of new industries, increased production, employment generation and export growth.

He pointed out that the overall tax burden on businesses was making it difficult for industrialists to reinvest profits, undertake new investments and expand productive capacity. He called for a review of the combined burden of corporate tax, dividend tax, super tax and other levies to develop a policy that encouraged investment and industrial expansion.

Sardar Usman Ghani said the Board of Investment should strengthen coordination between investors and government departments to address challenges related to taxation, energy costs, official approvals, land acquisition, financing and policy uncertainty. He added that policy consistency, lower business costs and a supportive environment for industrial expansion were essential to encourage investors to undertake long-term projects.

LCCI Vice President Khadim Hussain Chaudhry said the timely resolution of business problems and the creation of a conducive environment for industrial growth and investment were essential for economic stability.

He said effective cooperation between the government and the private sector could promote business activity, industrial production, employment and exports. He emphasized the need to strengthen coordination between government departments and chambers of commerce to resolve the issues facing the business community. Industrialists required reliable infrastructure, dependable facilities, simplified regulatory procedures and policy continuity to make long-term investment decisions with confidence.