Coordination Between Private Sector, Government Departments need of hour says LCCI.

Lahore -- Strong economic framework and harmonization between the state institutions and private sector can produce a momentum for a strong economy.

In a statement, the President of Lahore Chamber of Commerce and Industry , Irfan Iqbal Sheikh and Senior Vice President Ali Hussam Asghar said that trade and industry related institutions should understand the logical needs of private sector and help government to ensure an atmosphere conducive for business community.

They pinpointed the recent move of the State Bank of Pakistan by freezing markup rate at 13.25 per cent saying that lower markup rates make it cheaper to borrow for the business community. Markup rates should be brought down to a single digit that would encourage the industries to take out loans to expand their operations.

They said that high cost of borrowing is discouraging the demand of credit by the private sector and slowing down the economic activities.

They said that reduction in markup rate from existing 13.25% to single digit would be a great favor to the industrial sector. It would help the government to attain the target of industrial growth, would reduce the cost of production and would also bring capital of...