LAHORE – The newly elected office-bearers of the Lahore Chamber of Commerce and Industry have pledged to work with the government for the economic well-being of Pakistan.
“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 while addressing the business community at the LCCI on Tuesday.
LCCI outgoing President Mian Abuzar Shad, SVP Engineer Khalid Usman, VP 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 were also present.
Faheem-ur-Rehman Saigol said that the developed nations achieved economic transformation through effective public-private partnerships. Countries like Turkey, China, Singapore and Malaysia have made record progress in infrastructure, energy, technology, healthcare and education through partnership between public and private sectors. He said that adopting a similar approach can stabilise the economy, attract large-scale investment and create millions of new employment opportunities.
He said that in countries where public-private partnership was integrated into policymaking, the GDP growth rate increased by an average of 2.5% annually. Sharing recent positive economic indicators of Pakistan, he 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, while 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.
Tanveer Ahmed Sheikh 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 unlocking Pakistan’s true potential requires closer coordination between the public and private sectors, which will boost investment, exports and innovation.
