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Business & Finance

Kabir underscores need for formulating 'strategic economic foreign policy'

LAHORE: Geo political changes and formation of new trade & economic alliances around the world have underlined...
Published October 4, 2021
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LAHORE: Geopolitical changes and formation of new trade & economic alliances around the world have underlined the need for " strategic economic foreign policy" of Pakistan.

Newly-elected President of Lahore Chamber of Commerce and Industry Mian Noman Kabir said this while talking to Business Recorder after assuming charge as president LCCI. While stressing on the need of strengthening regional trade especially with China, Afghanistan, Russia and Iran said that emerging alliance of Pakistan-Russia-China-Iran can change the fortune of this region where half of world's population lives.

He called for strengthening pace of work on China Pakistan Economic Corridor. He was of the view that CPEC is expected to further strengthen trade and economic cooperation in regional states. When the corridor is constructed, it will serve as a primary gateway for trade between China and the Middle East and Africa. He also said that CPEC has important impacts on the regional state's trade and energy security. It will create economic security for Pakistan.

Noman said that various projects are well under CPEC. Pakistan would have enough electricity with the completion of these projects adding that our road and railway network will also be upgraded that will help country to become part of any trade block.

LCCI president Noman Kabir while commenting on the changing situation in Afghanistan especially after taking over by Taliban said that Pakistan can benefit from this situation by enhancing its exports to 2 billion dollars. It is pertinent to mention here that Pakistan's export to Afghanistan was already at 2 billion dollars before the fall of Kabul.

Noman said that there is a huge potential for Pakistani companies for investment in food and construction sector. "Iran is unable to trade with other countries due to American sanctions. But in the case of Afghanistan, it is not deterred by any restrictions," he said. He said Iranian goods have flooded the Afghan market due to this reason.

Mian Noman Kabir said that he will try to bridge the gap between business community and Federal Board of Revenue for increasing the revenue generation adding that business community wants to supplement government endeavors aimed at economic revival of the country and is also ready to give positive doable suggestion to the Federal Board of Revenue for expansion of tax net. He suggested that FBR should use data of National Database and Registration Authority for broadening of tax net. He said that LCCI is ready to share its data with FBR for increasing the revenue generation and tax payers.

Copyright Business Recorder, 2021

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