LAHORE: Governor of Punjab Saleem Haider has acknowledged the resilience and commitment of the business community, saying that no amount of appreciation is sufficient for their efforts. However, he admitted that the current environment for the business sector remains inadequate.
Speaking to members of the Lahore Chamber of Commerce and Industry, he lauded the business community for persevering through challenging times and contributing to the country’s economy.
Addressing concerns raised by businessmen, the governor agreed that high electricity and gas prices, along with insufficient supply, have severely impacted economic growth. He added that Pakistan lags behind its regional peers due to these challenges. He assured the audience that President Asif Ali Zardari and Chairperson of PPP Bilawal Bhutto are committed to reducing energy prices and easing the burden on businesses.
The governor pledged to ensure greater consultation in the budget-making process, acknowledging that high tax rates need revision. He vowed to urge the federal government to take meaningful steps to improve the business environment.
While acknowledging the challenges, he expressed optimism about recent improvements in the economic landscape. He noted that political matters are stabilising, inflation is decreasing, interest rates are dropping, and the stock market is showing positive trends.
President of the Lahore Chamber Mian Abuzar Shad highlighted the significance of the Uraan Pakistan Programme, describing it as a source of hope for the business community. He expressed optimism over the rise in remittances and the increase in economic activities.
He also announced the upcoming three-day Lahore Shopping Festival at the Lahore Expo Centre, starting January 31. The event will feature participation from a record number of industries and service providers, aiming to boost local business activity.
Mian Abuzar Shad pointed out critical challenges, including the high cost of doing business, soaring electricity and gas tariffs, and excessive taxation, which continue to hinder industrial growth. He noted that foreign direct investment stood at a mere $1.33 billion, underscoring the urgent need for measures to attract investors.
He stressed that policy continuity and resolving local industry issues are essential for achieving economic stability and long-term growth.
