New LCCI Leaders Commit to National Economic Prosperity
New Leadership of Lahore Chamber of Commerce and Industry Pledges Collaboration for Economic Growth
The newly elected leadership of the Lahore Chamber of Commerce and Industry (LCCI) has expressed a strong commitment to working closely with the government to enhance the economic well-being of the nation. During an event attended by a large gathering of the business community, the new office-bearers emphasized the need for strategic guidance and collaboration to address pressing economic challenges.
Faheem-ur-Rehman Saigol, the newly elected president of LCCI, along with Senior Vice President Tanveer Ahmad Sheikh and Vice President Khurram Lodhi, highlighted the importance of public-private partnerships in driving national development. They pointed out that Pakistan\’s growing global significance, positive economic indicators, and increasing investor confidence underscore the necessity of sustained collaboration between the government and the private sector. This partnership, they argued, should become a permanent fixture in national policy to transform the vision of economic self-reliance and industrial growth into reality.
Saigol noted that the economic success of developed nations like Turkey, China, Singapore, and Malaysia can be attributed to effective public-private collaborations. These countries have achieved remarkable progress in infrastructure, energy, technology, healthcare, and education through such partnerships. He suggested that adopting a similar model in Pakistan could stabilize the economy, attract substantial investment, and generate millions of employment opportunities.
He cited recent positive economic data, stating that the stock market index has surpassed 164,000 points, foreign exchange reserves have exceeded $19.7 billion, and the GDP has crossed $411 billion. Additionally, the GDP growth rate for the fiscal year 2024-25 has shown significant improvement. Saigol added that if the private sector becomes a full partner in policymaking and development planning, Pakistan’s economy could experience even faster growth.
Strengthening Consultation and Industrial Modernization
Saigol also outlined the LCCI’s plans to enhance consultation processes with government departments and take proactive steps in areas such as industrial modernization, workforce development, export diversification, and technology transfer through public-private collaboration.
Tanveer Ahmad Sheikh, the Senior Vice President, emphasized that historical evidence shows that when governments involve the private sector in policy formulation, development accelerates significantly. He urged the government to work closely with the private sector on tax reforms, energy policies, investor-friendly legislation, and reducing the cost of doing business. He noted that over 70% of infrastructure projects worldwide are executed through public-private partnerships, making it essential for Pakistan to adopt this model without delay.
Khurram Lodhi, the Vice President, reiterated the LCCI’s commitment to strengthening Pakistan’s trade presence in global markets. He stated that unlocking the country’s true potential requires closer coordination between the public and private sectors, which would boost investment, exports, and innovation.
A Vision for Future Development
Saigol reiterated the LCCI’s goal of continuing to play a dynamic and constructive role in promoting industry and trade, expanding investment opportunities, strengthening trade relations, and supporting policy reforms that create a more business-friendly environment.
During the event, the outgoing president Mian Abuzar Shad presented a comprehensive review of the LCCI’s performance over the past year. The Annual General Meeting was attended by a large number of Executive Committee members, former presidents, leaders of trade bodies, and representatives of the markets.
