Efforts would be made to strengthen economy: LCCI new office bearers

September 29, 2014 Off By Web Desk

LAHORE: The newly elected President of the Lahore Chamber of Commerce & Industry Ijaz A. Mumtaz, Senior Vice President Mian Nauman Kabir and Vice Presided Syed Mahmood Ghaznavi Tuesday vowed to ensure LCCI role in policy making.

The LCCI new office-bearers also spelt out their priorities while addressing the Annual General Meeting (AGM) of the Lahore Chamber of Commerce & Industry here. The meeting was presided over by the Election Commissioners Shahzad Azam and Sohail Azhar also attended by outgoing LCCI President Engineer Sohail Lashari, Senior Vice President Mian Tariq Misbah, Vice President Kashif Anwar, former Presidents Mian Mohammad Ashraf, Syed Mohsin Raza Bukhari, Iftikhar Ali Malik, Mohammad Ali Mian, Mian Misbahur Rehman, Mian Shafqat Ali, Shahid Hassan Sheikh, Senator Zafar Iqbal Chaudhry, former Senior Vice President Sheikh Mohammad Arshad, former Vice Presidents Aftab Ahmad Vohra, Shafqat Saeed Piracha, Mubasher Sheikh, Executive Committee Members besides a large number of representatives of trade and industry Associations.

The newly elected office-bearers said that they would focus on energy, trade & investment and law and order to drive desired economic results.

“Pakistan, like other developing countries of the region, is facing growing energy demand dilemma and the private sector would have to work hard to exploit all resources to bridge the demand.”

They said that the LCCI would convince the government to expedite work on new water reservoirs to overcome the water shortage.

“New reservoirs would not only be generating economical electricity but would also be meeting our irrigation needs and above all would be instrumental in controlling floods. We will attempt to convince the government to simultaneously start work on two to three reservoirs.

Elaborating the agenda for the year, the LCCI office-bearers said that an all efforts would be made to get LCCI proposals incorporated in the federal budget. The proposals would be prepared in consultation with economic experts and business community leaders with an objective to ensure maximum allocations for various sectors of the economy.

Market visits and a consistent liaison with the fellow businessmen would be the corner stone of the working of the newly elected office-bearers of the Lahore Chamber of Commerce and Industry.

Talking about ongoing economic scenario, they said that tightening of belt was a must to wear off the intensity of economic challenges.

They said that inflation could easily be tackled by increasing production and cutting unnecessary expenditures.

They said that high Mark-up was crushing the whole industrial sector like anything and this needs to be taken care of by the concerned authorities. The Federal Board of Revenue should also focus on simplification of taxes as existing procedures were cumbersome in comparison with other economies of the world.

They said that the main objective of the Lahore Chamber of Commerce and Industry was the promotion of trade and industry and all available resources would be utilized for economic turnaround as the economic meltdown had now started taking its toll and everybody in suffering badly.

They said that Research and Development was an area which if was given proper attention could do miracles. They said that they would, in collaboration with his fellow businessmen, work for the promotion of Research culture in Pakistan.

They also called for reforms in the education sector and vowed to make all out efforts for bringing uniformity in education sector. They said that a number of parallel systems were in vogue in the country and until and unless a single system was implemented, we would not be able to achieve and taste progress and prosperity in real terms.

While stressing the need for political stability, LCCI newly elected office-bearers said that that politicians should understand well that political stability is must for rapid economic growth.

At the end of Annual General Meeting, newly elected president, Senior Vice President and Vice President assumed the charge of their offices.

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