Connectivity Fuels Economic Growth: LCCI

(@FahadShabbir)

Connectivity fuels economic growth: LCCI

LAHORE, (UrduPoint / Pakistan Point News - 16th May, 2023 ) :In a significant development for businesses, online services and trade, connectivity through land and air routes has emerged as a vital catalyst for economic growth.

Lahore Chamber of Commerce and Industry (LCCI) President Kashif Anwar expressed these views in a meeting with a delegation of British and US businessmen led by Prince Naeem Malik here at LCCI on Tuesday.

Chaudhry Ijaz and former LCCI Executive Committee Member Haji Muhammad Asif Sehar also spoke on the occasion.

Kashif Anwar said that seamless and efficient flow of goods, services, and information across regions had revolutionized the way businesses operate and opened up new avenues for expansion and collaboration.

With enhanced connectivity, companies can now establish their presence in previously untapped markets, enabling them to access a larger customer base and foster economic development.

Head of the delegation Prince Naeem Malik briefed the president LCCI regarding their purpose of visit to the LCCI and said that a lot of investors from the UK and US were keen to invest in Pakistan but lack of facilitation was coming in the way. He said that the government of Pakistan should facilitate the foreign investors.

Highlighting the potential areas where investors could focus, Naeem said that there was a lot of scope of power generation through waste in Lahore. He said a plant for power generation through waste was successfully generating power in Florida that could be installed in Lahore as well where 10 million tons of waste was being produced in a day.

LCCI President Kashif Anwar said that Pakistan and the United Kingdom were steady trade and economic partners and have immense potential to grow their mutual trade to the new height.

He said that the United Kingdom was a lucrative destination and could help Pakistan to boost Pakistani exports to the required level.

He said regional connectivity not only benefited businesses but also facilitated the rapid dissemination of online services. With improved connectivity infrastructure, online platforms and digital services can reach users more quickly and efficiently. This, in turn, enhances user experience and allows individuals to access a wide range of services, such as e-commerce, online education, tele-medicine, and entertainment, with greater ease and convenience. The seamless connectivity provided by robust regional networks has significantly transformed the way people interact and access services, resulting in increased productivity and improved quality of life.

The LCCI president said that Pakistan and the UK enjoyed strong bilateral relations and share history and deep cultural linkages. Pakistani businessmen should grow their relations with their British counterparts to avail the available opportunities. He said that exchange of delegations and participation in each other's exhibitions were useful tools to know more about each other. Such interactions with the counterparts and other stakeholders allow embarking upon new areas of cooperation.

He emphasized the need for collective efforts to increase the existing trade volume between the two countries. He said :"We have to identify problems and find solutions to the issues coming in the way of trade promotion".

Kashif Anwar invited more delegations from the UK and US to visit Pakistan to have knowledge about trade and investment opportunities.