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LAHORE, Nov 26 (APP):Punjab Governor Sardar Saleem Haider Khan said on Wednesday that Governor’s House serves as a facilitation centre for the business community and will continue to provide all possible support to businesses.
He added that lack of trust between government and business community must end, because policies cannot be effective unless traders are consulted in the policy-making process. He expressed these views while addressing a meeting at Lahore Chamber of Commerce and Industry (LCCI).
LCCI President Faheem-ur-Rehman Saigol delivered the welcome address, while Senior Vice President Tanveer Ahmed Sheikh and former SVP Khalid Usman, Executive Committee members Aamir Saeed Mian, Muneeb Monnoo, Rana Nisar, Karamat Awan, Sheikh Fayyaz, Umar Sarfraz, Ali Imran, Abdul Majeed, Imran Saleemi, Amna Randhawa, Firdous Nisar, and Ahad Amin Malik were also present.
The Governor said, the government should formally consult the business community when making economic policies. He said that if policies are made with traders’ input, tax collection would also improve significantly. He added that he would meet the Finance Minister and the Chairman of the PPP to present the concerns of the business community.
LCCI President Faheem-ur-Rehman Saigol said that biggest challenge facing the country today is the cost of doing business, citing that compared to other regional countries, Pakistan has the highest costs of electricity, gas, interest rates, and taxes, which have hurt the business environment. He added that Pakistan is also far behind in the global ease-of-doing-business rankings. Removing exporters from the final tax regime has damaged the export sector, while the rise in federal excise duty and raw material cost is forcing multinational companies to leave Pakistan.
He claimed that tax reforms were introduced without consultation with traders, which caused losses to the business community. He suggested focusing on skill development instead of only giving cash assistance under the Benazir Income Support Programme. He also called for a new agriculture policy to meet the country’s food requirements.
He added that Bangladesh’s garment exports have reached 40 billion dollars, while Pakistan’s textile exports, despite being the main sector, have failed to cross 17 billion dollars. He said that political stability is essential for economic progress, and at this stage, Pakistan needs moral and ethical reforms even more than economic reforms. He also proposed forming a ten-year economic plan.
Governor Punjab Sardar Saleem Haider said that the Benazir Income Support Programme has played an important role in reducing poverty, and skill development projects are also underway under the programme. He said that Pakistan is facing a difficult situation because institutions were not reformed with time. However, he expressed hope that through collective efforts, Pakistan can be turned into a strong country.