The newly elected office-bearers of the Lahore Chamber of Commerce and Industry on Tuesday pledged to work with the government for the economic well-being of the country.
“It is high time to guide the government on economic challenges”, said LCCI newly elected President Faheem-ur-Rehman Saigol. Senior Vice President Tanveer Ahmad Sheikh and Vice President Khurram Lodhi also addressed the gathering of the business community at the LCCI.
Those attended included LCCI outgoing President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry. Chairman of PIAF Pioneer Progressive Alliance Mian Anjum Nisar, former LCCI President Muhammad Ali Mian. Chairman Pioneer Businessmen Group Ali Hussam Asghar and Election Commission Nasrullah Mughal also spoke on the occasion.
Faheem-ur-Rehman Saigol:
Faheem-ur-Rehman Saigol said that the remarkable economic transformation of developed nations has been achieved through effective public-private partnerships. Countries like Turkey, China, Singapore and Malaysia have made record progress in infrastructure, energy. And in technology, healthcare and education by fostering strong collaboration between the public and private sectors. He said that adopting a similar approach in Pakistan can stabilise the economy. It will attract large-scale investment and create millions of new employment opportunities.
“GDP growth rate increased by an average of 2.5% annually in countries where government integrated public-private partnership into policymaking.” He shared recent positive economic indicators of Pakistan. Saigol noted that the stock market index has surpassed 164,000 points. Foreign exchange reserves have exceeded $19.7 billion. And the Gross Domestic Product (GDP) has crossed $411 billion. The GDP growth rate for the fiscal year 2024-25 has also shown significant improvement. He added that if the private sector becomes a full partner in policymaking and development planning, Pakistan’s economy will grow at a much faster pace.
Saigol further said that the LCCI will strengthen the consultation process with government departments. “We will also take proactive steps in areas like industrial modernisation and development of a skilled workforce.” The LCCI will strengthen consultation on export diversification and technology transfer through public-private collaboration.
Tanveer Ahmed Sheikh:
Tanveer Ahmed Sheikh said that history proves whenever governments engaged the private sector in policy formulation, the pace of development accelerated significantly. He urged the government to work closely with the private sector on tax reforms, energy policies, investor-friendly legislation and reducing the cost of doing business.
Khuram Lodhi said that LCCI is committed to strengthening Pakistan’s trade presence in global markets and will intensify its diplomatic and commercial efforts in this direction. He said that unlocking Pakistan’s true potential requires closer coordination between the public and private sectors, which will boost investment, exports and innovation.
