Lahore: Federal Minister for Board of Investment Qaiser Ahmed Sheikh has announced that the government will collaborate with the Lahore Chamber of Commerce and Industry (LCCI) to promote investment and support industrial growth. He emphasized the importance of involving the business community in policymaking and regulatory decisions, arguing that industrialists and traders possess valuable insights into economic challenges.
According to Lahore Chamber of Commerce and Industry, during a meeting attended by LCCI President Ali Hussam Asghar and other key representatives, the minister stressed the need for government departments to consult with chambers of commerce and industry representatives before implementing regulations. This approach aims to ensure that policies remain practical and do not create unnecessary obstacles for businesses.
The minister also highlighted the significance of developing Special Economic Zones (SEZs) to attract investment, noting that infrastructure and essential facilities must accompany land allocations. He discussed plans to utilize approximately 6,000 acres of land from Pakistan Steel Mills in Karachi for an SEZ, inviting investors to seize the opportunity. Additionally, he underscored the necessity for a predictable business environment and consistent government decisions to foster long-term investment.
LCCI President Ali Hussam Asghar called for a review of enforcement methods, advocating for reasonable time and opportunities for businesses to address minor or rectifiable violations before facing harsh actions. He also highlighted the need for amendments to laws such as the Punjab Environmental Protection Agency Act and the Punjab Food Authority Act to reduce unnecessary business disruptions.
LCCI Senior Vice President Sardar Usman Ghani and Vice President Khadim Hussain Chaudhry echoed the call for a supportive investment environment, urging a review of the tax burden on businesses and advocating for improved coordination between government departments and chambers of commerce to facilitate industrial growth and economic stability.