Political Stability Important For Country's Economic Stability.

LAHORE -- The LCCI Executive Committee, led by its President Mian Nauman Kabir, called on the Governor Punjab Muhammad Baligh-ur-Rehman and apprised him about the issues being faced by the business community.

Governor Punjab Muhammad Baligh-ur-Rehman, LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq also highlighted their respective issues.

Governor Punjab Muhammad Baligh-ur-Rehman said that the business community is backbone of country's economy that plays pivotal role in progress and development of the country. The governor said that the business community provides business opportunities to millions of people. He agreed with the LCCI delegation that the political stability is important for the economic stability of the country.

The governor Punjab promised his full support in taking up the issues raised by the LCCI delegation with the relevant officials of both the federal government and the government of Punjab. He also expressed his views that consistency in economic policies is essential to resolve the prevailing economic issues. President LCCI Mian Nauman Kabir apprised the Governor Punjab that the commercial banks are exploiting the business community by demanding 10 to 15 rupees over and above the inter-bank dollar rate for releasing the import shipment documents. State Bank should ensure its full oversight on the commercial banks and ensure that Banks release the documents at the inter-bank rate. The president LCCI requested the Governor Punjab to take up this issue with the State Bank of Pakistan.

Mian Nauman Kabir said that according to the recently issued circular dated 5 July 2022 of the State Bank of Pakistan, a prior approval for the import of Machinery (Chapter 84 and 85) would be required from the State Bank of Pakistan and only after this approval; the banks would release the import shipment documents. The process of getting the said approval from the State Bank would take 10 to 15 days. As a result, the members of business community would have to face demurrage on the shipments. He requested the Governor Punjab to take up this issue with the State Bank of Pakistan. 'There is a need for establishing Special Economic Zones (SEZs) in Lahore as the two major industrial estates in Lahore (Sundar and Quaid-e-Azam Industrial Estates) have reached their full capacity and the cost of land for the business community in the existing Industrial Estates has reached...