LCCI to submit budget proposals by end of February

2026-01-27 - 12:34

A delegation from the Muzaffarabad Chamber of Commerce and Industry visited the Lahore Chamber of Commerce and Industry on Tuesday. MCCI President Khawaja Ishtisham Woogra led-delegation met with LCCI President Faheem ur Rehman Saigol and discussed matters of mutual interest, the current economic situation, and business cooperation in detail. LCCI Senior Vice President Tanveer Ahmad Sheikh and Vice President Khurram Lodhi were also present. Faheem ur Rehman Saigol stated that Pakistan’s current economic situation demanded unity of the business community. He urged the government to receive a single joint budget proposal to enable effective measures for economic stability. He added that LCCI has decided to work through the federation platform to provide concrete proposals for economic stability. He raised alarm over the decline in exports, which raised the trade deficit to $19 billion. He demanded the abolition of CESS, a reduction in power tariffs, and a cut in interest rates. He stated that the LCCI will submit joint budget proposals to the government by the end of February. Khawaja Ishtisham Woogra highlighted the vast business potential in Azad Kashmir, especially in handicrafts, tourism, and the mineral sector. He said MCCI will provide full support for investment in the region. He further stated that the MCCI was ready to support the mineral sector and other businesses. The culture of Azad Kashmir is gradually disappearing, and sectors like furniture, dry fruits, and medicinal herbs have export potential. In addition, there is also significant hydropower potential in the region. Tanveer Ahmad Sheikh said that economic stability could not be achieved without taking the business community on board. He added that poverty has reached 45 per cent, unemployment is rising, and Pakistan’s growth is low compared to the world. He also highlighted that foreign investment is almost nonexistent, while local investments are leaving the country. Despite this, traders are being taxed heavily without receiving sufficient support. Khurram Lodhi said that the SME sector is the backbone of the national economy and requires special measures and policy support. Cakes & Bakes, Bundu Khan, Häagen-Dazs among 54 sealed in Lahore