Business News Pakistan
LAHORE: Governor Punjab Malik Muhammad Rafiq Rajwana has said that
private sector of the country is the key to achieve economic targets and the
measures are being taken to accelerate the growth, Business92 reported Thursday.
Moreover, talking to the delegation comprising Lahore Chamber of Commerce and
Industry (LCCI) Vice President Muhammad Nasir Hameed Khan, former
presidents Mian Anjum Nisar, Muhammad Ali Mian, Sohail Lashari former
Senior Vice President Irfan Iqbal Sheikh and LCCI Executive Committee Members.
“Business community is the backbone of the economy and no stone would be
left unturned to resolve the issues being faced by the business
community,” Rafiq Rajwana further added.
On the occasion China Pakistan Economic Corridor (CPEC) and
various other issues came under discussion.
The LCCI Vice President Muhammad Nasir Hameed
The LCCI Vice President Muhammad Nasir Hameed Khan in his remarks also
called for due participation to the private sector in the Advisory Committees
of the government. He said that it would establish close working relations
between public and private sectors and would also help resolving the issues
in shortest possible time.
Furthermore, the LCCI Vice President also stressed the need for making target oriented efforts
to attract the much-needed foreign investment in the country. He further said that
foreign investment in power sector would help government to get rid of the
ongoing severe energy crisis that has jolted the basis industrial sector.
Nasir Hameed Khan also said that in the recent past, fall in Foreign Direct
Investment (FDI) has adversely affected the country’s economic growth.
“Though situation is far better than the past prudent measures should be
adopted to attract the foreign investment so that the country comes out
of lopsided interest of foreign investors,” he further remarked.
He also said that institutional fragility and the political instability is the major
factors keeping the foreign investors away. He said that rising risk perception
about investing into Pakistan is hitting hard the entire economy and needs
to be tackled through a new policy approach by involving Chambers of
Commerce in the country.
Moreover, former LCCI President Mian Anjum Nisar and former Senior Vice President
Irfan Iqbal Sheikh also said that the government would also have to give incentives
to the local investors as if the local investors have the confidence, they would
able to convince foreigners to invest in various sectors of the economy. They
also called for a strategy for industrial expansion.