The Karachi Chamber of Commerce & Industry (KCCI) and the Lahore Chamber of Commerce & Industry (LCCI) have agreed to strengthen cooperation for Pakistan’s economic revival.

During a meeting held at KCCI on Saturday, KCCI President Rehan Hanif and LCCI President Faheemur Rehman Saigol said that Pakistan had great potential despite facing serious challenges, but cautioned that poor policies and neglect of the private sector could make the economic situation worse.

Saigol stressed that Pakistan’s economy continued to survive only because of its immense potential as the country was blessed with abundant natural and human resources not found elsewhere in the region. However, he lamented that “the real problem lies in mismanagement of these resources”.
“With a population of 240 million, Pakistan has a huge consumer market. However, instead of promoting local industries and encouraging import substitution, our policies have increased the country’s trade deficit,” he said.

The LCCI chief explained that the main purpose of his visit to KCCI was to ensure that business communities of Karachi and Lahore were on the same page. “Our strength lies in securing a rightful share in policymaking. Legislation must be framed in consultation with the business community, which is the actual stakeholder and understands how tax collection targets can be effectively achieved,” he said.

He invited KCCI office-bearers to visit LCCI, stating that such an exchange would help establish a historic and much-needed liaison between the two leading chambers. “Only through a unified voice, we can expect to get our issues resolved,” he affirmed.
Businessmen Group Vice Chairman Anjum Nisar emphasised that a unified stance would compel the government to address legitimate concerns.