Daily Times

Senate Chairman Syed Yousuf Raza Gilani has agreed with the LCCI (Lahore Chamber of Commerce and Industry) leadership that political stability is the cornerstone of economic progress and prosperity.

Talking to business community here at the LCCI on Monday, he urged the LCCI leadership to establish robust connections with the political parties. He promised to arrange direct meetings with the heads of Senate Standing Committees and federal ministers.

He said that business growth, shining prospects for commerce and economic development are matters close to his heart. He mentioned that as Prime Minister, he had focused on industry, trade and economic advancement. He called for collaborative efforts to address challenges and seize opportunities.

The Senate Chairman said that a public-private partnership is important in achieving economic development. He underscored the need for policies that promote manufacturing, value-addition, innovation and renewable energy. “Hydropower is the best option for affordable and environment-friendly energy,” he said, adding that agriculture must also remain a top priority.”

Gilani stressed the importance of increasing agricultural productivity, addressing issues such as adulteration in seeds and pesticides and ensuring the availability of quality inputs.

“Everyone must pay taxes”, he said and called for reforms to ensure fairness and transparency in the taxation system.

Syed Yousaf Raza Gilani supported LCCI’s proposals to restructure or privatize loss-making state-owned enterprises, which have consistently drained the national exchequer.

Chairman Gilani commended the chamber’s hospitality and its significant role in the national economy. “I maintain strong connections with chambers across the country, and LCCI’s contribution to the economy is remarkable,” he remaked.

In his welcome address, LCCI President Mian Abuzar Shad said that like the Senate, the Lahore Chamber has also formed sector-specific committees to address industry-specific challenges effectively.

He said that private sector should be given representation in the Senate Standing Committees for powerful economic results.

While appreciating the efforts of Chief of Army Staff General Asim Munir, he said that the stabilization of the Pakistani rupee has been a significant achievement and the Army Chief deserves special credit for his role in this success.

The LCCI President urged the government to offer incentives and facilities to overseas Pakistanis. If provided adequate privileges, remittances can increase by 50 percent, significantly boosting our foreign exchange reserves.

Mian Abuzar Shad also called for policy continuity, reducing energy costs and ensuring transparency in governance. He further emphasized the importance of creating a business-friendly environment to attract foreign investment.

LCCI Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry stressed the need for public-private collaboration to tackle economic challenges. They also called to reduce energy costs and invest in hydropower projects, which can provide businesses with affordable electricity.The LCCI office-bearers also called for reforms in taxation and production policies to ensure the competitiveness of local industries. They said that industries are the backbone of the economy and their revival is key to sustainable development.