Artificial Intelligence key driver for future business growth: LCCI

2026-02-12 - 14:56

Speakers at a seminar have highlighted the critical role artificial intelligence (AI) would play in shaping the future of commerce and industry in Pakistan. The seminar on “AI in Business Solutions for Future Challenges brought together industry leaders, business executives, and technology experts to explore how AI can transform business operations and improve efficiency across sectors. Lahore Chamber of Commerce and Industry President Faheem Ur Rehman Saigol stated that the world is rapidly moving toward AI-driven economies. “Businesses that fail to adapt risk being left behind. AI is no longer just a technological tool—it is a strategic necessity. We must learn to integrate AI into our work, digitise our processes, and harness the opportunities it offers,” he said. Mr Saigol noted that while AI comes with challenges, including job displacement and ethical concerns, its benefits in boosting productivity, optimising decision-making, and creating new business models far outweigh the risks. He urged businesses to take proactive steps toward digital transformation. “AI adoption is not just a choice—it is a requirement for businesses that want to thrive in the future. LCCI is committed to supporting its members through knowledge sharing, training, and collaboration with technology experts,” he said. LCCI Vice President Khurram Lodhi echoed the president’s remarks, stressing the importance of awareness and skill development in AI. “Our business community must understand AI not as a threat, but as a tool that can enhance operations, improve customer engagement, and create new avenues for growth,” he said. Fouad Bajwa highlighted the increasing significance of data in driving business performance. Organisations that leverage data effectively are the ones that grow sustainably. AI is only as good as the data it is built on,” he remarked. The seminar also explored broader trends shaping the AI landscape. Speakers highlighted the use of AI in market analysis, real-time decision-making, and risk assessment. They emphasised that businesses that adopt AI responsibly and strategically will not only increase profitability but also improve competitiveness in both local and international markets. SBP’s foreign reserves rise by $21 million to $16.18 billion