Economic stability in Punjab critical to national economic growth: LCCI

LAHORE: The President of the Lahore Chamber of Commerce and Industry Mian Abuzar Shad has said that Punjab’s economic stability is critical for national growth. As the largest province of Pakistan, Punjab holds a unique and central role in driving the nation’s economic progress, given its vast resources, industrial capacity and dynamic business community.

While talking to MPA Sadia Taimoor at LCCI, Mian Abuzar Shad said that the province’s agricultural and industrial contributions make it a cornerstone of the national economy and ensuring its economic stability directly translates into sustainable growth and development at the national level.

The LCCI Chief said that Punjab’s economic performance is not just a provincial matter; it sets the tone for the overall economic trajectory of Pakistan. Strengthening Punjab’s economy is equivalent to securing the future of the entire country.

The discussion also focused on leveraging Punjab’s potential by fostering collaboration between the government and the private sector. The LCCI President stressed the need for robust policies, infrastructural improvements and business-friendly reforms to maximize the province’s economic output and enhance its role as a driving force behind Pakistan’s growth story.

Mian Abuzar Shad presented a detailed overview of the challenges faced by the business community. He expressed concerns over the rising cost of production, energy shortages and the adverse impact of high taxation rates on businesses. He also shed light on the hurdles faced by small and medium enterprises (SMEs), which form the backbone of Punjab’s economy, emphasizing the urgent need for targeted reforms to support their growth.

The LCCI President stressed that inconsistent policies and bureaucratic hurdles are deterring investors and stalling industrial growth. He called for swift action to address these issues, including simplifying tax structures, reducing unnecessary regulatory burdens and ensuring uninterrupted energy supply to industries.

Copyright Business Recorder, 2024