Lahore Chamber Of Commerce And Industry (LCCI) Stresses Macroeconomic Reforms, Policy Changes

Lahore Chamber of Commerce and Industry (LCCI) Wednesday called for macroeconomic reforms and policy changes in consultation with stakeholders for moving towards a path of sustainable economic recovery

LAHORE, (UrduPoint / Pakistan Point News - 26th Apr, 2023 ):Lahore Chamber of Commerce and Industry (LCCI) Wednesday called for macroeconomic reforms and policy changes in consultation with stakeholders for moving towards a path of sustainable economic recovery.

LCCI President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry and Vice President Adnan Khalid Butt told media here that Asian Development Bank (ADB) had identified the devastating floods in 2022, impact of the Covid-19 pandemic, security issues, structural risks and adverse external shocks as the factors in its recent report that continued to pose challenges for the economy of Pakistan.

They added that economic growth could speed up provided reservations of the business community regarding complexities in taxation system which overburden existing taxpayers were removed, refunds were paid expeditiously, discretionary powers were clipped, stagnation in agriculture sector growth was reversed and utility prices were reduced.

They said that the tax system was complicated and burdensome which created room for complexities between tax payers and the tax collectors. They said that number of taxes and frequency of paying taxes must be reduced. Similarly, there should be electronic communication between taxpayers and tax departments. These proposals can make noticeable difference and win the confidence of taxpayers, they added.

They said that all export-oriented sectors, including Halal food sector, should be given zero rated facility as the country had a little share in the international Halal food trade of about three trillion dollars.

They said that energy mix of the country was also not cost effective due to insufficient power generation from hydel and renewable energy resources. This resulted in tariff hikes and made the industry uncompetitive in the international market.

They said that the agriculture sector had a share of more than 20 per cent in the GDP. Pakistan was importing fruit, vegetables and other agri products on large scale that was a matter of concern. They said that this particular sector should be focused and issues should be resolved at the earliest.

The LCCI office-bearers said that political stability was the key element for economic development. Economic growth and sustainable market was not possible without political stability and creating conducive environment for investment. From the day first, Pakistan was suffering from political unpredictability that was why investors always remained reluctant to invest in Pakistan.

The LCCI office-bearers also emphasised for shift in strategy to attract much need foreign direct investment in the country. They said that Pakistan's foreign missions abroad would have to play a key role to attract foreign investors.

The foreign investors should be informed that Pakistan had lucrative opportunities for investment in various sectors of economy including textile, energy, agriculture, tourism, health, education and other sectors.