LCCI pitches for solid eco­nomic re­forms

The Pak Banker - - FRONT PAGE - Staff Re­porter

Knowl­edge based econ­omy is only way to cope with the chal­lenges posed by the rapidly chang­ing global sce­nario as well as help over­come var­i­ous in­ter­nal is­sues like de­cline in ex­ports, energy cri­sis, low­est tax-to-GDP ra­tio, in­ef­fi­ciency of Public Sec­tor En­ti­ties, brain-drain, short­age of skilled hu­man re­sources and low in­dus­trial pro­duc­tion etc.

La­hore Cham­ber of Com­merce and In­dus­try (LCCI) Pres­i­dent, Ijaz A. Mum­taz stated this, while talk­ing to a group of LCCI mem­bers here on Mon­day.

He also briefed them about the LCCI role in pol­icy cor­ri­dors and var­i­ous steps taken for the eco­nomic well-be­ing of the coun­try. He said that lack of knowl­edge and re­search was one of the big­gest rea­sons of our eco­nomic ills, adding that un­avail­abil­ity of au­then­tic data was com­ing in the way of Pak­istan's ex­ter­nal trade.

"We are talk­ing about to be an Asian Tiger but how it is pos­si­ble when our ex­ports are de­clin­ing and we are far be­hind even from those coun­tries who were fol­low­ing us as a role model a few decades ago," he ob­served.

Ijaz A. Mum­taz said that coun­try's ex­ports fall­ing short of tar­get which was not a good omen for the econ­omy at all, and our ex­ports were lim­ited to a few mer­chan­dise and de­pen­dent on a few coun­tries which was the big­gest rea­son of de­cline in ex­ports. The LCCI Pres­i­dent urged the gov­ern­ment to con­duct mar­ket re­search to find out new des­ti­na­tions for the Pak­istani prod­ucts which are best in the world as far as qual­ity and price was con­cerned.

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