Latest news with #MianAbuzarShad
Business Recorder
6 days ago
- 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
7 days ago
- Business
- Business Recorder
LCCI polls 2024: Commerce secy upholds DGTO's decision
LAHORE: The Commerce secretary has upheld the decision of the Director General Trade Organizations, declaring the Lahore Chamber of Commerce and Industry elections held in 2024 as completely transparent and in accordance with the law. This was stated during a press conference at the Lahore Chamber of Commerce and Industry by LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, former presidents Mian Anjum Nisar and Muhammad Ali Mian, former Senior Vice President Ali Hussam Asghar, former Vice President Faheem-ur-Rehman Saigol and Chief Election Commissioner Nasrullah Mughal. Executive Committee Members were also present on the occasion. They said that the LCCI elections were held on September 23 and 24, 2024, with overwhelming participation from Lahore's business community, resulting in a historic victory for the PPP Alliance. The business community exercised its democratic right and elected their representatives with full enthusiasm. 'While the business community had already given their verdict on the election days, a few individuals chose to challenge the results before the DGTO in an attempt to create controversy,' they added. They said that the DGTO thoroughly heard both sides with patience, impartiality, and integrity. After examining all the evidence, including documents, videos, and election records, the DGTO issued a detailed verdict declaring the LCCI elections to be free, fair, and strictly in accordance with the rules and regulations. In the spirit of fairness, the DGTO also ordered a recount of votes, which we accepted wholeheartedly,' they said. 'The recount confirmed the same result as the original election. They said that despite this, the opposing group further appealed to the Secretary Commerce. We highly appreciate secretary Commerce who conducted a six-hour hearing, listened to both parties in detail, analyzed all evidence and ground realities, and finally endorsed the DGTO's decision. They said that this decision is not just a victory for a group but a triumph of principles, democratic values, and institutional integrity. It proves that our institutions are becoming stronger, the system is active, and truth can never be hidden. They said that we are not power-hungry or obsessed with titles, we are here with a spirit of service. The trust placed in us by the business community is a sacred responsibility. 'We have no personal enmity with anyone, but if anyone tries to weaken the Chamber's system, we will respond strongly within the framework of the Constitution and the law', they said. They extended heartfelt gratitude to their team members, supporters, voters, business leaders and elders. This is a collective success, and now we must move forward with unity and resolve. 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
24-05-2025
- Business
- Business Recorder
Capacitor makers meet LCCI president to discuss challenges
LAHORE: A high-level delegation of the Pakistan Capacitors Manufacturers Association (PCMA) Saturday called on the President of the Lahore Chamber of Commerce & Industry Mian Abuzar Shad to discuss key issues affecting the local capacitor manufacturing sector. The delegation was led by LCCI Executive Committee Member Asif Khan. The delegation members Adeel Ejaz, Muhammad Ramzan, LCCI Executive Committee Members Khurram Lodhi, Karamat Ali Awan, Syed Salman Ali, Aamir Ali and Ahsan Shahid were also present. The delegation informed the LCCI President a range of challenges currently facing the domestic capacitor industry. These included a heavy dependence on imported raw materials, rising production costs, lack of policy support from the government, complex import regulations and an absence of a localized technological framework. Head of the delegation Asif Khan said that without immediate policy reforms, local manufacturers would continue to face serious disadvantages compared to international competitors. The delegation members urged the LCCI to play a more proactive role in advocating for this critical industrial sector and to help create an enabling environment for local manufacturers. Specifically, the delegation requested the Chamber's assistance in lobbying for reduced tariffs on capacitor components, simplified import procedures and the introduction of incentives for technology transfer and domestic production. LCCI President Mian Abuzar Shad expressed solidarity with the capacitor industry and assured the delegation that the Lahore Chamber would raise these concerns at all relevant forums. He stressed the importance of reducing import dependency and strengthening local industries to stabilize Pakistan's economy. He said that the capacitor manufacturing sector holds great promise and we are committed to supporting it. LCCI would take your genuine concerns to the relevant authorities and ensure that policies are introduced to protect and promote local manufacturers. He further stated that boosting domestic manufacturing, improving ease of doing business and fostering innovation must be at the center of Pakistan's industrial strategy. He proposed the formation of joint working group between LCCI and PCMA to continue dialogue, formulate practical recommendations and jointly work towards sustainable solutions. Copyright Business Recorder, 2025
Business Recorder
24-05-2025
- Business
- Business Recorder
LCCI says optimistic about govt's response to budget proposals
LAHORE: The Lahore Chamber of Commerce and Industry has expressed optimism the federal government would incorporate its recommendations into the upcoming budget to stimulate economic growth and industrial development. LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry said that the recommendations for Federal Budget 2025-26 have already been forwarded to the government and concerned departments. They hoped that these recommendations would be given due consideration to address the country's pressing economic challenges. The LCCI's budget proposals come at a time when Pakistan's economy shows signs of gradual recovery, with GDP growth improving from 0.21% in 2022-23 to 2.38% in 2023-24. The current account deficit has also narrowed significantly, dropping from $3.27 billion to $1.69 billion with a surplus of $1.2 billion recorded in the first half of the current fiscal year. 'Despite these positive indicators, the economy remains vulnerable due to stagnant industrial growth, soaring public debt exceeding Rs 70 trillion and a persistent trade deficit of $24 billion in 2023-24. The industrial sector, a critical driver of economic activity, expanded by a mere 1.21%, while large-scale manufacturing saw negligible growth of 0.07%, underscoring the need for urgent policy interventions', the LCCI office-bearers added. To address these challenges, the LCCI has proposed a series of strategic measures. On the tariff front, the LCCI advocates for a cascading duty structure, with raw materials taxed at 0%, intermediate goods at 5-8% and finished products at 18% to encourage local value addition. It also calls for duty-free imports of wastewater treatment plants to help industries meet environmental standards and maintain export competitiveness. Additionally, the LCCI stresses the importance of protecting the local pharmaceutical industry by maintaining tariff shields on 22 essential active pharmaceutical ingredients (APIs) to reduce import dependency and ensure health security. In terms of policy reforms, the LCCI has stressed the need for reducing the policy interest rate to 6% to lower borrowing costs and stimulate private-sector investment. The LCCI has also recommended regionally competitive energy tariffs to align Pakistan's industrial costs with those of neighboring countries like India and Bangladesh. Other key proposals included reinstating the Final Tax Regime for exporters to simplify compliance, introducing a fixed tax regime for traders to broaden the tax base and capping individual and association taxes at 29% to prevent brain drain and encourage documentation. The LCCI has also highlighted the importance of promoting electric vehicle adoption, starting with public transport and two-wheelers alongside incentives for local EV manufacturing. Procedural improvements form another critical component of the LCCI's recommendations. The LCCI has called for the full digitization of the Federal Board of Revenue to minimise human intervention and curb corruption. It has also urged the government to expedite tax refunds, particularly for exporters, by ensuring that the FASTER system processes refunds within 72 hours, with compensation for delays. The LCCI has further proposed abolishing the Sindh Infrastructure Development Cess for exporters, automating sales tax filings and extending audit cycles to five years to reduce harassment of compliant businesses. Sector-specific recommendations included measures to support the IT and freelancing industry, such as allowing foreign exchange accounts and offering rebates to IT exporters to counter capital flight. In agriculture, the LCCI has advocated for a progressive income tax on large landholdings while exempting small farmers. The real estate sector has been advised to align property valuations with market rates to document hidden wealth, while the textile industry has been recommended for the reinstatement of the Drawback of Local Taxes and Levies scheme and an increase in duty drawbacks to 3%. LCCI President Mian Abuzar Shad has also stressed the need for broader macroeconomic reforms, including the privatisation of loss-making state-owned enterprises (SOEs) to reduce fiscal burdens, curbing non-essential government expenditures and cracking down on smuggling networks that cost the economy billions annually. Engineer Khalid Usman that the proposals are designed to foster growth through equity, efficiency and ease of doing business, calling for decisive government action to address debt, expand the tax net and boost exports. Vice President Shahid Nazir Chaudhry said that Pakistan's economic survival hinges on industrialisation and stable, long-term policies rather than ad hoc measures. Copyright Business Recorder, 2025
