LCCI to help govt curtail borrowings

RECORDER REPORT

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) would present a set of proposals to the government to enable it to curtail its borrowings.

The PIAF-Founders Alliance, Chairman, Mian Mohammad Ashraf, Chairman, Alliance Steering Committee, Mian Anjum Nisar and Chairman, PIAF, Engineer Sohail Lashari in a statement on Monday assured the business community that cut in power outages and mark-up rate would particularly be focused during the upcoming year, as the Alliance leadership is convinced that electricity shortage is mother of all economic ills while the higher mark-up rate is also the biggest hurdle in the way of investment.

They said the new Executive Committee had been tasked to take all possible measures for the promotion of local and foreign investment, which would result in cut in poverty and in bringing down the unemployment graph.

They said that they understand that the State Bank of Pakistan would not be able to bring down the mark-up to single digit unless and until government stops heavy borrowing from domestic means.

On electricity issue, the Alliance leaders said that they have asked the new LCCI leadership to pressurize the federal government for an equal load-shedding in all parts of the country as unprecedented power outage in Punjab have destroyed the economy of the province that was fast attaining the status of investment hub of the country.

They said that law and order situation in the country would also be on the agenda of the LCCI leadership as the deteriorating situation in parts of the country has caused undue damage to the economy besides keeping the potential foreign investors at a distance from this resource-rich country.

The Alliance leaders said that the Lahore Chamber of Commerce would also be asked to prepare a report so that the potential exist in various sectors could be showcased in true sense of the word in the larger interests of the economy.

They also thanked all the Corporate and Associate Class voters for reposing confidence in the Alliance during the LCCI elections for the year 2012-13.