In order to foster stronger trade relations, the Lahore Chamber of Commerce and Industry (LCCI) and the Pakistan Carpet Manufacturers and Exporters Association (PCMEA) have inked a Memorandum of Understanding (MoU).
The agreement was signed during a visit by LCCI President Kashif Anwar to the PCMEA.
During the visit, LCCI President Kashif Anwar highlighted the importance of robust trade relations between various trade organizations and chambers. He emphasized the need for effective collaboration in an ever-evolving global economic landscape.
The event also provided President Kashif Anwar with an opportunity to tour the Carpet Training Institute, where he observed the intricate process of handcrafting carpets.
Kashif Anwar noted the increase in business costs, particularly related to utilities. However, he expressed optimism that the stability of the Rupee would contribute to a more favorable business environment.
He underscored that continued government policies in the same vein would further strengthen the rupee’s value.
The LCCI President stressed that for exports to thrive, it is imperative to reduce input costs and utility prices. He underlined the significance of fostering a strong partnership between the business community and the government, emphasizing that a stronger rupee is crucial for boosting exports as majority of the raw materials, including those used for export products are being imported from various countries and a weak currency is not suitable for exports as well. Kashif Anwar also drew attention to the urgent need for the construction of the Kalabagh Dam, stating that its absence puts the nation’s future at risk.
Furthermore, LCCI President called for a shift toward Islamic banking and a move away from interest-based economic models, emphasizing that business interests should be prioritized. Senior Vice Chairman of PCMEA, Usman Ashraf, warmly welcomed President Kashif Anwar, characterizing the visit as a milestone in the interaction between the Lahore Chamber and the Carpet Association. Ashraf noted the significance of the handcrafting of rugs, particularly in rural areas, as a source of employment for millions of individuals and a valuable contributor to the nation’s foreign exchange reserves.—NNI
