Tag: Lahore Chamber of Commerce and Industry

  • India adopts Pakistan’s policies to achieve success, says Nawaz Sharif

    Pakistan Muslim League-Nawaz (PML-N) head Nawaz Sharif said to the  Lahore Chamber of Commerce and Industry (LCCI) on Thursday that India achieved success by adopting Pakistan’s policies.

    In his address, Nawaz Sharif said that PML-N was aware of the economic challenges faced by the country. He also promised the business community that PML-N would surely take their advice, as it has done before.

    “The business community of Pakistan implemented our policies, and India adopted our policies and achieved economic success,” said Nawaz, who is leading his party’s campaign after returning to the country.

    This was his first interaction with traders since his return after a four-year-long self-imposed exile. The former prime minister mentioned that during his tenure in 2013–2017, Pakistan’s had the 24th-best economy in the world. He also said that at that time, the dollar was at 104.

    “If our development [model] and policies were continued, then the dollar would have been at 40 or 50,” claimed the three-time prime minister.

    Nawaz Sharif also said that Islamic countries began to see us as their protectors when we conducted a nuclear test in 1998.

  • Real estate in Pakistan is ‘parking lot’ for untaxed money with support of DHAs and Army, says former FBR chairman

    Real estate in Pakistan is ‘parking lot’ for untaxed money with support of DHAs and Army, says former FBR chairman

    Shabbar Zaidi, the former Chairman of the Federal Board of Revenue in Pakistan, stated that only 300 companies out of the entire business sector in the country pay 70 per cent of the total taxes collected.

    According to Dawn, Zaidi dismissed the claims of some businesses that there were too many taxes in Pakistan and no dividends. He pointed out that the real estate was the “parking lot” of untaxed money, and that with the support of the DHAs and army, a system had been developed to officially launder money through real estate, which had perpetual amnesty in the country.

    He called for removing DHAs from the real estate business as there could not be fair competition between a state institution and private businesses in real estate, and also suggested that plots of land should be confiscated if construction was not done on them.

    Kashif Anwar, the president of the Lahore Chamber of Commerce and Industry, argued in favor of amnesty on undeclared foreign reserves to bring money back to the country.

    In another session, Tassaduq Hussain Jillani, the former Chief Justice of Pakistan, acknowledged that criticism of the Supreme Court for messing up big corporate cases was justified as the judges were not expert at finance and economics.

    Jillani suggested the formation of commercial benches in the SC and high court for such cases. In a session on local governments, Ammar Ali Jan, the general secretary of Haqooq-i-Khalq Party, criticized the absence of local government in the country, citing examples of polluted water and waste management issues.

  • ‘Eid Shopping Festival’ will take place in Lahore from April 28 – May 2

    ‘Eid Shopping Festival’ will take place in Lahore from April 28 – May 2

    From April 28 to May 2, the Lahore Chamber of Commerce and Industry (LCCI), the Tourism Development Corporation of Punjab (TDCP), and the Commissioner’s Office will jointly host “Eid Shopping Festival” in Lahore.

    LCCI President Mian Nauman Kabir announced the Eid Shopping Festival programme at a press conference held on April 26 at the Lahore Chamber of Commerce and Industry.

    He told the media that the LCCI-TDCP major event’s main goal is to not only help revitalise trade and economic activity but also to highlight the country’s positive image.

    Kabir claimed that the event was planned in such a way that it would send a strong message to the international community.

    On the occasion, Senior Vice-President Mian Rehman Aziz Chan, Commissioner Lahore Capt (retd) M Usman, Secretary TDCP Asadullah Faiz, Mardan Ali Zaidi, Ashraf Bhatti, Sohail Butt, Mian Zahid Jawed, representatives from the district government, traffic police, and city markets spoke.

    The ‘Eid Shopping Festival,’ according to the LCCI President, includes a variety of economic and cultural activities such as Shopping Rides, Discounts on Shopping in Anarkali, Liberty, Mall Road, and other city markets, Special Gift Coupons, City Sighting at Night, Qawwali night, and other events.

    Read more: ‘Sasta Ramzan Bazaar’ fails to provide relief in third Ashra

    Commissioner Lahore expressed gratitude to the business community for their support to such initiatives. He stated that the project would continue and that further markets would be added in the future.

    Asadullah Faiz, the Secretary of the TDCP, stated that the TDCP is bringing new trends in the tourist and hospitality industries. He wished for the ‘Eid Shopping Festival’ to be a huge success.

  • PSL: Traders gear up for daily losses worth around Rs23 billion

    As the Pakistan Cricket Board (PCB) gears up to host Pakistan Super League (PSL) matches in Lahore, traders have said that strict security measures, such as sealing off markets and roads to facilitate the movement of the teams, are being taken by the government, which would ultimately cause a loss of at least Rs23 billion to local businesses every day, Profit reported.

    According to traders and office bearers at Lahore Chamber of Commerce and Industry (LCCI), they are not against cricket matches as these activities “are very encouraging and aid in improving the image of the country”, but the closure of Liberty Market and others in surrounding areas for just one day will cause losses worth around Rs23 billion.

    “We are frequently in contact with the government and are also putting forth proposals to make a long-term strategy that can help the business community and locals,” the reported quoted them as saying during a press conference at LCCI on Tuesday.

    The LCCI president was of the view that revival of international cricket in Pakistan was a healthy sign and would promote a soft image of the country, but economic activities carried equal importance, therefore, the government should make a plan in consultation with all stakeholders to hold sporting events without affecting businesses.

    He maintained that during cricket matches in the recent past, Liberty and other markets, as well as restaurants adjacent to the Gaddafi Stadium, were shut down, resulting in significant losses to businesses, not only to the traders, but also daily wagers.

    The LCCI president said that the business community was ready to cooperate with the government to ensure all necessary security measures during these matches, but they also wanted that adjacent markets and restaurants not be forced to remain shut because, on top of all the losses, it would create the impression that security conditions are not normal yet.

    “A state-of-the-art luxurious hotel should be built as soon as possible within the premises of Gaddafi Stadium Lahore for guest teams because it is the only solution to address all concerns,” he added.