Latest news with #LahoreChamberofCommerceandIndustry
Business Recorder
7 days ago
- Business
- Business Recorder
LCCI underscores need for a balanced, strategy-driven budget
LAHORE: A balanced and strategy-driven federal budget is essential for Pakistan's economic future, as it can define the country's direction and stabilize a struggling business climate. This was upshot of the speeches delivered by the LCCI Acting President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, former LCCI President Muhammad Ali Mian, former Senior Vice President Ali Hussam Asghar and experts from different sectors while speaking at the awareness session on the upcoming Federal Budget 2025-26, organized by the Lahore Chamber of Commerce and Industry. Executive Committee Members Asif Malik, Firdous Nisar, Sheikh Muhammad Fayyaz, Abdul Majeed, Karamat Ali Awan, Syed Hassan Raza, Syed Salman Ali. Ehtsham ul Haq, Rana Muhammad Nisar, Shouban Akhter, former EC members Naeem Hanif, Malik Muhammad Usman, Yousaf Shah and Chaudhry Muhammad Arshad were also present. Speaking at the session, Acting President Engr. Khalid Usman said that the key pillars of the budget should include expansion of the tax net, relief for existing taxpayers, protection of domestic industry, elimination of duties on imported raw materials, growth of GDP and exports meaningful economic reforms. He said that tariffs must be used as a policy tool to protect domestic industries and reduce Pakistan's reliance on imports. He advocated for zero-rating customs duties and sales tax on raw materials to ensure cost-effective industrial production. He also called for targeted incentives and protections for SMEs and the auto sector which are critical for employment and economic resilience. While talking about the government's reported plan to offer electricity at five cents per unit for crypto mining, he questioned why such a competitive rate is not being extended to local industries, which are far more impactful in terms of job creation and economic contribution. He said that LCCI was the first chamber to submit budget proposals to the government. These included recommendations for reducing the cost of doing business, improving the ease of doing business, enabling SME growth using digital technology to minimize human interaction in tax administration. The LCCI also emphasized simplifying regulatory frameworks and promoting deregulation to encourage industrial expansion. Vice President Shahid Nazir Chaudhry said that high operational costs and unpredictable tax policies have discouraged both local and foreign investors. He urged the government to craft a budget that offers long-term predictability, particularly in taxation. He stressed the importance of stakeholder consultation, especially with the business community, before implementing any new tax regime. He said that unless energy costs and policy instability are addressed, Pakistan's manufacturing sector will remain uncompetitive in regional and global markets. He further added that restoring business confidence requires continuity in policy and a fair taxation system that supports genuine businesses instead of penalizing them. Former LCCI President Muhammad Ali Mian talked about tariff rationalization and gave various suggestions. He called for a pro-growth and industry-friendly federal budget that supports macroeconomic stability, promotes investment strengthens the country's industrial backbone. Former LCCI President Ali Hussam Asghar said that Pakistan's export potential remains largely untapped due to inconsistent policy frameworks and lack of facilitation for exporters. He said that enhancing exports is the only sustainable way to address Pakistan's trade deficit and foreign exchange challenges. Reviewing the current fiscal performance, participants said that according to FY 2024–25 budget documents, the FBR was initially tasked with collecting PKR 12,970 billion, later revised down to PKR 12,334 billion. The targets included PKR 5,454 billion from income tax, PKR 4,919 billion from sales tax, PKR 1,591 billion from customs duties PKR 948 billion from federal excise duty. However, in the first eleven months (July 2024 to May 2025), FBR collected only PKR 10.23 trillion, falling short by over PKR 1 trillion. The LCCI also called for an increase in the withholding agent turnover threshold from PKR 100 million to PKR 250 million to reduce the compliance burden on smaller businesses. It stressed the importance of timely issuance of tax refunds to exporters to ease cash flow constraints and encourage reinvestment into business operations. Economic policies, the Chamber said, should be designed with at least a 10-year continuity framework to ensure predictability and stability. The LCCI further demanded the abolition of the 1.8% non-refundable. Copyright Business Recorder, 2025
Business Recorder
03-06-2025
- Business
- Business Recorder
LCCI's SVP made acting president of industry
LAHORE: Senior Vice President of the Lahore Chamber of Commerce and Industry (LCCI) Engineer Khalid Usman will be the Acting President of the LCCI till June 9 as the LCCI President is abroad on a personal visit. Engineer Khalid Usman is a seasoned businessman, well-regarded for his dedication to the industrial and commercial sectors. With a deep understanding of the economic challenges faced by businesses across Pakistan, he has played a significant role in shaping LCCI's initiatives that promote ease of doing business, private sector growth and regulatory reform. His leadership is particularly valuable at a time when the business community is seeking clarity on various fiscal and economic policies, especially in the wake of the recently announced national budget. He said that as Acting President, he would carry forward the LCCI's ongoing engagements with government departments, trade bodies and international partners. Engineer Usman will look after all key activities of the Lahore Chamber including high-level meetings with visiting delegations, internal policy discussions and strategic outreach to relevant ministries and regulatory authorities. He will also be presiding over important consultative sessions aimed at protecting the interests of traders, manufacturers and exporters. His tenure is seen as a continuation of LCCI's broader mission to facilitate commerce, promote industrial development and advocate for practical reforms that benefit the economy at large. Copyright Business Recorder, 2025
Business Recorder
31-05-2025
- Business
- Business Recorder
Uzbek investors want to boost trade, economic ties
LAHORE: Uzbek businessmen and investors are keen to strengthen mutual trade and economic ties. These views were expressed by the Deputy Chairman of Uzbekistan Chamber of Commerce & Industry and head of a high-level delegation Tokhtaev Akobirjon while speaking at the Lahore Chamber of Commerce and Industry. LCCI President Mian Abuzar Shad presented the address of welcome while Executive Committee Members Syed Hassan Raza, Amina Randhawa and Syed Salman Ali were also present. Tokhtaev Akobirjon pledged to make all out efforts to strengthen the cooperation and exploring untapped opportunities in trade and investment. He said that the visit is a step forward in establishing long-term institutional linkages between the business communities of Pakistan and Uzbekistan. LCCI President Mian Abuzar Shad said that Uzbekistan is a key trading hub in Central Asia. He said that the Lahore Chamber of Commerce and Industry is the premier business support organization in Pakistan and always takes pride in hosting foreign trade delegations. Referring to a previous high-level Uzbek delegation that visited LCCI just four months ago, he said that this continued engagement reflects the growing interest in strengthening bilateral relations. The LCCI President said that that Pakistan and Uzbekistan are brotherly nations, enjoying over three decades of diplomatic ties built on mutual respect and regional cooperation. Copyright Business Recorder, 2025
Business Recorder
28-05-2025
- Business
- Business Recorder
Over 65,000 pilgrims unable to perform Hajj: Hajj operators, LCCI demand action
LAHORE: Hajj Operators Association of Pakistan and Lahore Chamber of Commerce and Industry have strongly demanded action against responsible as due to bureaucratic inefficiencies and obstacles, over 65,000 Pakistani pilgrims were unable to perform Hajj this year. The press conference was addressed by LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, Executive Committee Member Manzoor Hussain Jafri, Chairman Punjab Hajj and Umrah Operators Association Chaudhry Adil Saboor, Abdul Jabbar Anjum, Ali Imran, Owais Jameel, Khawaja Sohail and other representatives. The participants expressed deep regret that due to delays, unnecessary complications, and poor policymaking by government bureaucracy, more than 65,000 Pakistanis registered under the private Hajj scheme were deprived of the opportunity to fulfil this sacred obligation. It was revealed that while the Saudi government announced the Hajj 2025 policy on June 28, 2024, Pakistan's Ministry of Religious Affairs intentionally delayed its policy approval until November 27, 2024, resulting in wastage of nearly five months. They strongly demanded accountability and disciplinary action against the officials responsible for this gross mismanagement. They clarified that the entire amount paid by the affected pilgrims is 100% secure. If they wish to perform Hajj in 2026, their already paid amount will be fully adjusted and no additional charges will be levied, even if the Hajj package prices increase. However, those who wish to withdraw their amount will be refunded through a proper and transparent process. LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry said that the efforts of the private sector in facilitating Hajj must be acknowledged and appreciated, rather than being undermined by bureaucratic failures. They urged the government to involve all relevant stakeholders in future policymaking for the private Hajj scheme and implement concrete reforms to prevent such incidents in the future. Copyright Business Recorder, 2025
Business Recorder
22-05-2025
- Business
- Business Recorder
LCCI terms promotion of COAS as symbol of pride
LAHORE: The Lahore Chamber of Commerce and Industry has extended its warmest congratulations to Chief of Army Staff General Hafiz Syed Asim Munir on his historic promotion to the rank of Field Marshal. In a statement, LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry termed the promotion as a symbol of national pride and a reflection of General Asim Munir's untiring efforts for Pakistan's sovereignty, stability and peace. They said that the business community greatly values his efforts in ensuring law and order, restoring confidence in the country's security apparatus and supporting economic resilience during challenging times. His leadership has strengthened the morale of the armed forces and reassured the people of Pakistan that their safety and prosperity remain a top priority. The LCCI office-bearers expressed hope that under Field Marshal Hafiz Syed Asim Munir's command, Pakistan will witness concrete and effective measures to eliminate the menace of terrorism, extremism and cross-border threats that have long hindered national development and the business environment. They said that terrorism not only threatens human lives but also cripples economic progress, disrupts trade and damages investor confidence. A peaceful and secure Pakistan is vital for attracting investment, boosting exports and promoting industrialization which are key drivers of national growth. The LCCI office-bearers said that the business community stands shoulder to shoulder with the Pakistan Army and is confident that Field Marshal Asim Munir's tenure will mark a new era of strategic clarity, internal harmony and economic revival. Copyright Business Recorder, 2025
