Lahore Chamber's SVP Calls For Strategic Economic Reforms

LAHORE, (UrduPoint / Pakistan Point News - 18th May, 2025) Lahore Chamber of Commerce and Industry (LCCI) Senior Vice President Engineer Khalid Usman has calls for strategic economic reforms.

He was addressing a pre-budget seminar here at Minhaj University where former LCCI Vice President Faheem-ur-Rehman Saigol and leading economic experts were also present.

Engineer Khalid Usman began by reflecting on the challenges Pakistan has recently overcome on the geopolitical front. He said that Pakistan had successfully concluded a difficult phase of conflict, a war that was essentially imposed on the nation. He said, "By the grace of Allah Almighty, we have emerged with dignity and honor, even surpassing the expectations of our adversaries."

However, he remarked, a more complex war lies ahead on the economic front, suggesting that unlike the external wars, Pakistan's economic crisis is self-inflicted, a consequence of decades of policy missteps, structural inefficiencies and lack of foresight. Engineer Khalid Usman encouraged the students to define their goals clearly and reflect on how they spend their time and money. “If I ask any of you where you see yourself in ten years, your answer lies in two things: where your time is spent and where your money goes. If these two elements are aligned with your goals, your future success can be predicted with remarkable accuracy,” he added.

Lahore Chamber's SVP said that upcoming Federal budget should not merely be a financial document, it should serve as a strategic roadmap and a symbol of collective optimism for the country’s future.

He was of the view that due to lack of transparency and consultation in the budget-making process, the business community is often left in the dark therefore engagement with stakeholders should be proactive and not reactive. "The government should consult us to ensure alignment between national priorities and business realities," he maintained.

During the question/answer session, he clarified that only a few sectors benefit from state protection and regulatory advantages, while majority of the country's industries operate in a highly competitive environment.

Speaking on Pakistan’s core economic challenge, he outlined the fundamental issue which is the imbalance between Dollar inflows and outflows. He cited, "Our biggest economic problem is that we do not earn enough foreign exchange. We import more than we export. We rely on remittances and loans instead of building sustainable, export-driven growth. Without addressing this imbalance, we will remain in a state of economic uncertainty. As long as we are not producing enough goods locally and exporting them, we will keep borrowing Dollars to survive. This is a dangerous cycle."

Engineer Khalid Usman also called for shifting Pakistan’s economic model from import dependency to domestic production and exports. The upcoming budget must reflect a clear national strategy and also signal a shift toward increased productivity, industrial competitiveness and long-term sustainability. "Without this, we will continue to say that Pakistan is going through a critical phase but that phase will never end," he concluded.