LCCI suggests measures to attract foreign investment

Staff Reporter

The Lahore Chamber of Commerce and Industry (LCCI) has welcomed the remarkable rise in the businessmen and foreign investors’ confidence in Pakistan’s economy and called to keep the momen-tum going.

“[The] overall Business Confidence Score in Paki-stan now stands at positive 9 per cent, which is a very good news for the economy,” LCCI president Mian Tariq Misbah said, adding that according to a survey, a phenomenal increase has been recorded in the confidence of entrepreneurs, companies and foreign investors in the economy of Pakistan.

Besides the LCCI president, other office-bearers, including senior vice president Muhammad Nasir Hameed Khan and vice president Tahir Manzoor Chaudhry said that a record improvement of 59 per cent from the previous negative 50 per cent is an ample proof of the fact that the government had adopted prudent monetary and fiscal policies, de-spite the Covid-19 challenge.

The LCCI office-bearers said that the achievement is good and encouraging but still a lot of room is available for further improvement at the economic front.

The Lahore Chamber of Commerce and Industry had always played an instrumental role for the pro-motion of trade, industry and the national economy, they said.

Some more steps will help increase the confidence of the business community and can attract foreign investment, the LCCI office-bearers said, adding that, in this regard, the Lahore Chamber has pre-sented a set of proposals to Prime Minister Imran Khan and the relevant departments in which, it has been demanded that the government should take notice of the new clause 203 through which exorbi-tant powers have been given to the tax authorities to arrest and prosecute the business community.

The LCCI office-bearers said the government has withdrawn the facility of reduced rate of sales tax (10 per cent) on the import of the pharmaceutical plant, machinery, HVAC equipment and capital goods. This would hamper the competitiveness of the pharma sector.

This facility should be restored, the LCCI office-bearers said, adding that exorbitant fines have been imposed on the importers under section (28) 156 in the Federal Budget 2021/22 for failing to complete the paperwork for redemption of their shipments.

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