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A series of high-profile meetings in Islamabad on Thursday highlighted the urgent need to address business issues in Pakistan, as Lahore Chamber of Commerce & Industry (LCCI) President Faheem Ur Rehman Saigol met with top government officials to discuss Pakistan business reforms and measures aimed at stabilizing the economy.
The meetings took place at a time when business and export confidence required careful attention.
Federal Minister for Commerce Jam Kamal Khan and Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan also met with Faheem Ur Rehman Saigol on the sidelines of his visit for the SIFC meeting.
The discussions focused on the economic challenges currently confronting Pakistan’s business community.
During his meeting with Haroon Akhtar Khan, Mr. Saigol outlined the key challenges faced by the business sector. He also welcomed the IMF staff-level agreement, noting that it could help bring some stability to the economy.
He commended the government’s efforts and robust growth forecasts, expressing hope that these measures would directly benefit the business and industrial sectors.
Misuse of Export Finance Scheme Must Be Prevented
The misuse of the Export Finance Scheme (EFS) should be prevented, and SROs should be issued in consultation with the business community, as there is always room for amendments, he added. He noted that exports were higher before the EFS was implemented, but have declined since, and a full examination of the scheme’s effectiveness is necessary.
Government Commits to Financial Discipline and Cooperation
Haroon Akhtar Khan, agreeing with these points, stated that strict financial discipline is being restored and the government is committed to cooperating fully with the business community.
He assured, “No decisions affecting the economy or industry will be taken without consulting business representatives,” and said he would hold regular meetings for feedback and discussion.
He also added that he, along with his team, would visit the Lahore Chamber of Commerce & Industry shortly to meet its members.
Urgent Reforms Needed for Industrial and Export Sectors
While speaking with Federal Minister for Commerce Jam Kamal Khan, the LCCI President outlined the urgent issues facing the industrial and export sectors. He stressed that genuine reforms and concrete steps are needed to restore business confidence and competitiveness.
Jam Kamal Khan said the government is working hard to boost trade, increase exports, and improve the ease of doing business. He added that despite global and domestic challenges, measures are being taken to support sustainable economic recovery, industrial revival, and export diversification.
He also said the Ministry of Commerce is focused on addressing the concerns of the business community and implementing reforms to make it competitive and investor-friendly. The Minister further confirmed he would visit the Lahore Chamber of Commerce & Industry to discuss sector-specific issues and prospects.
Inclusive Policymaking Key to Economic Growth
The LCCI President emphasized the importance of involving the business community in policymaking. “Making policies without consulting stakeholders creates practical problems and affects economic activity,” he said.
He added that inclusive policymaking in coordination with chambers of commerce and trade bodies ensures that policies are realistic, effective, and growth-focused, helping attract foreign investment, Mr. Saigol said.
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