Published On: Fri, Jan 17th, 2020
Published in Category: Lahore

FPCCI, LCCI to collaborate for trade , economic development

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Lahore: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and Lahore Chamber of Commerce (LCCI) & Industry have joined hands and would work collectively to flourish trade and economic activities in the country.

The decision was made during the visit of FPCCI President Mian Anjum Nisar to the Lahore Chamber of Commerce & Industry on Thursday. On the occasion, current economic scenario and challenges being faced by the trade and industry came under discussion.

FPCCI President Mian Anjum Nisar said that the public-private partnership is the premium solution of the challenges being faced by the business community and is also a good recipe for economic revival of the country. He called for a level-playing field not only for the exporters but also for the domestic industry, which cannot compete with the regional countries due to the high interest rate and energy tariffs.

Mian Anjum Nisar said that improving exports’ performance remains the most relevant long-term structural challenge to alleviate the balance-of-payments constraint to sustained economic growth. He said that the current export portfolio is due to a lack of diversification, as few products are being exported by some exporters to limited markets. So, a major enhancement in exports requires huge and wide structural reforms.

He suggested the relevant government departments to join heads with the private sector for finding out a methodology for increasing the exports of the country. He observed that a more diversified economy results in more diverse exports, and this is required to acquire the wider set of productive capabilities that is needed to export goods with a higher level of sophistication.

LCCI President Irfan Iqbal Sheikh emphasized the need for economic diplomacy to cement Pakistan’s trade and economic ties with the outer world. He said that Pakistan cannot remain in isolation in the present economic arena where all countries are working hard to contribute heavily and to get maximum share in the international trade. He said that economic diplomacy should be a high priority for the government. Economic diplomacy is defined as the decision-making, policy making and advocating of a state’s business interests.