Pakistan now in a much stronger economic position than in the past, says Rana Mubashir Iqbal
Reforms are need of the hour; government must rebuild business confidence through sound policies: Faheem Ur Rehman SaigolLAHORE, October 27 — “Consultation will be the cornerstone of our upcoming policies to ensure every decision reflects the voice of the business community” said Federal Minister for Public Affairs Unit Rana Mubashir Iqbal while speaking at the Lahore Chamber of Commerce and Industry (LCCI).
LCCI President Faheem ur Rehman Saigol delivered the welcome address, while Senior Vice President Tanveer Ahmed Sheikh, Vice President Khurram Lodhi, former presidents Mian Anjum Nisar and Muhammad Ali Mian, former office bearers, and Executive Committee members Firdous Nisar, Shaban Akhtar, Imran Salimi, Aamir Ali, Waqas Aslam, Karamat Ali Awan, Abdul Majeed, Manzoor Hussain Jafri
were also present.
Federal Minister Rana Mubashir Iqbal agreed with the LCCI President’s views, saying, “The business community has always played a vital role in stabilizing the economy, and we have stood with the business community.”
Rana Mubashir Iqbal said the government had taken difficult but necessary reform measures, the positive outcomes of which are becoming evident. “While others dig holes, we are filling them,” he remarked. He noted that while the fight against terrorism continues, the overall security situation is improving, which is encouraging investment.
Speaking on the occasion, LCCI President Faheem ur Rehman Saigol said that the Public Affairs Ministry can play an instrumental role in conveying the business community’s concerns to policymakers. “Sustainable economic growth can only be achieved through joint efforts of the government and the private sector,” he stated. He emphasized that policies must be updated according to ground realities to foster investment and improve the business climate.
President LCCI stressed that aligning policies with economic realities is essential for long-term stability. “At present, the environment is not conducive for industry — after the brain drain, we are now witnessing capital drain, as multinational companies are leaving Pakistan,” he warned.
He pointed out that approximately $12 billion from Pakistan is invested in Dubai’s real estate sector, highlighting the trust deficit within the business community. “Whenever issues like interest rates or power tariffs arise, IMF conditionalities are cited as justification. We need to adopt independent policy-making,” he asserted.
President LCCI added that State-Owned Enterprises (SOEs) cause an annual loss of around Rs. 850 billion, burdening the national economy. He expressed concern that “around 50% of the population has fallen below the poverty line, and growing youth unemployment could lead to rising crime.”
He urged the government to prioritize SME development and redirect resources from non-productive programs such as BISP toward job creation and industrial growth.
Faheem Ur Rehman Saigol also announced that the Lahore Chamber will soon invite the Prime Minister to discuss the business community’s concerns directly and to organize an awards ceremony recognizing its contributions. He proposed including chambers of commerce in the government’s Grievances Wing to ensure business issues reach the Prime Minister without bureaucratic delays.
He said the Public Affairs Ministry can play a key role in improving Pakistan’s global image, reaffirming that “LCCI will continue to work with the government for public welfare and industrial progress.”
Federal Minister Rana Mubashir Iqbal, while responding to the LCCI proposals, said that new industrial zones have already been announced in Sheikhupura and Sialkot. He mentioned that, on the Prime Minister’s directives, gas supply to industries has been restored, and the ban on new meter installations has been lifted. He added that the improvement in the stock market reflects economic stability, and the interest rate has dropped from 22% to 11%.
“Lahore is the center of business activity — every influential voice emerges from here,” he remarked. He assured that the government would implement the LCCI’s recommendations and review industrial rates in comparison with FIEDMC to provide relief to industry.
Rana Mubashir Iqbal said Pakistan has come out of the economic crisis due to the government’s prudent policies. “Our debt has decreased, and soon we will bid farewell to the IMF,” he declared. He praised the Pakistan Armed Forces for their sacrifices in defending the nation, saying, “We inflicted a humiliating defeat on India.”
He added that the situation in Afghanistan is improving, and regional stability is expected soon. “Several institutions are unbridled, but taxes will now be collected with trust and mutual respect,” he said.
The Minister concluded by terming the past two years as a period of remarkable achievements, calling them evidence of the government’s commitment to the right direction. “Give us your suggestions,” he told the LCCI leadership, “and we will act on them immediately.”