Daily Times

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has expressed grave concern on the issuance of statements on economic issues by those who have “zero knowledge and are just confusing the policy makers”.

In a statement issued on Tuesday, LCCI President Malik Tahir Javed said that remarks on all economic issues should be given by sector-specific experts and leading businessmen who have vast experience and are able to supplement government efforts aimed at economic revival and stability of the country. But instead, it has been witnessed that “unauthorised” people are giving remarks just to become famous.

While citing the example of Tax Amnesty Scheme 2018, the LCCI president said that various irrelevant circles, who don’t even know the meaning of “amnesty”, are passing statements on this important issue and have made it harder for the business community to understand the aims and objectives of this initiative by the government.

Malik Tahir Javed further said that the country is facing some hazardous challenges which demand seriousness by all segments of society.

Talking about Pakistan’s inclusion in the Grey List by Financial Action Task Force (FATF), Tahir Javed said that FATF is going to implement its decision to put Pakistan in the Grey List in its forthcoming meeting. He said that implementation of this bad decision would pose huge economic challenges for the country.

He said that FATF’s decision to include country in its terrorist financing watch list would force European Union to blacklist Pakistan and if that happens, it would be a black day for the economy of Pakistan as EU is one of the biggest exporting destinations for Pakistani goods.

He said that the economy is already in a bad position and Pakistan cannot afford more loss.

The LCCI president said that inclusion in “Grey List” is a harsh step for any country especially for a country like Pakistan whose global reputation is suffering. He said that if FATF implements its decision in its forthcoming meeting, it would portray a negative image of Pakistan to the world. It would also broadcast a message that Pakistan’s financial system is weak and effective measures are needed to halt money laundering.

He said that countries included in the Grey List have witnessed massive decrease in foreign investment as foreign investers hesitate to invest. He said that foreign direct investment scenario is already not at par with the potential of the country while implementation of decision of FATF would further aggravate the situation.

Published in Daily Times, June 20^th 2018.