Daily Times

The President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik Tuesday urged the government for immediate restoration of the opening of letters of credit with the availability of foreign exchange for the import of raw materials putting industries into gear.

Chairing an emergent meeting of the “Founder” group of Lahore Chamber of Commerce and Industry (LCCI) to discuss the prevailing economic scenario, he said a total of 13 senior former presidents of Lahore chamber, Mian Muhammad Ashraf, Sheikh Muhammad Asif, Tariq Hameed, Mian Muzaffar Ali, Bashir Bakhsh, Mian Misbah Ur Rehman, Shahzad Ali Malik, Almas Hyder, Farooq Iftikhar, Shahid Hassan Sheikh, Abdul Basit and Tariq Misbah were invited to share their points of view and suggest viable solutions for prompt economic revival.

Iftikhar said Prime Minister Shehbaz Sharif and Federal Finance Minister Senator Ishaq Dar both belong to founder group and as former presidents of Lahore chamber, they are rightly expected to understand and steer the economy out of financial crunch.

Iftikhar Ali Malik who is Chairman founder group said what we need urgently is opening of LC with availability of foreign exchange for meeting the requirements of industrial sector.

He said all participants were of the view that a number of foreign countries have recently promised billions of dollars to Pakistan for supporting relief measures and early rehabilitation of flood victims which they said will help stable the foreign reserves.

He said so in the light of foreign support assurance,necessary instructions be issued to State Bank of Pakistan to provide solace to hard hit industrial sector otherwise poor workers will also continue to suffer.

He said all former presidents collectively made an impassioned appeal to PM and Federal Finance Minister to intervene and bail out industrial sector from looming crisis which he added is backbone of national economy.He hoped that their humbled genuine request will bear fruit.