Tensions in Middle East, rising oil prices may impact Pak economy: LCCI

LAHORE, Mar 06 (APP):Lahore Chamber of Commerce and Industry (LCCI) President Faheemur Rehman Saigol has expressed concern over the rising tensions in the Middle East and the increase in global oil prices, saying that the situation could have economic implications for Pakistan.
In a media statement issued here Friday, he said that Pakistan is an oil-importing country and any significant increase in global oil prices may lead to a higher import bill, inflationary pressure and strain on the national currency. He said that prolonged geopolitical tensions could increase industrial costs and affect overall business activity.
Saigol urged the government to adopt timely economic measures, promote alternative energy sources and take steps to manage the import bill while encouraging exports. He also stressed the need to ensure uninterrupted supply of electricity and gas to industries so that production activities remain stable.
Faheem Ur Rehman Saigol said that close coordination between the government and the business community is essential to effectively deal with emerging economic challenges. He added that the Lahore Chamber of Commerce and Industry will continue to play its role for economic stability and the promotion of business activities in the country.