LCCI chief discusses economic matters with Jam, SAPM

LAHORE: LCCI President Faheem Ur Rehman Saigol on Thursday met Federal Minister for Commerce Jam Kamal Khan and Prime Minister’s Special Assistant on Industries and Production Haroon Akhtar Khan and discussed economic issues being faced by the business community.

During his visit to Islamabad in connection with the SIFC meeting, the LCCI president called on the Prime Minister’s Special Assistant on Industries and Production Haroon Akhtar Khan and the Federal Minister for Commerce Jam Kamal Khan in their respective offices.

Saigol apprised Haroon Akhtar Khan of the serious challenges confronting the business sector and also appreciated the IMF staff-level agreement, saying it would help bring more stability to the economy. He also lauded the government’s ongoing efforts and its positive projection of growth, expressing hope that these measures would translate into tangible benefits for the business community and industrial sector.

The LCCI president emphasised that the Export Finance Scheme (EFS) must not be misused and that the issuance of SROs should always be carried out in consultation with the business community. He pointed out that exports were higher before the implementation of the EFS, but they have declined afterward, which demands a thorough review of the scheme’s effectiveness.

Haroon Akhtar Khan, while responding, said that financial discipline is being restored and the government is fully committed to facilitating the business community.

He assured that the business community will be taken on board in all economic and industrial matters and that regular meetings will be conducted for consultation and feedback. He further stated that he, along with his team, will soon visit the LCCI to engage directly with its members.

In his meeting with Federal Minister for Commerce Jam Kamal Khan, the LCCI President highlighted the pressing issues faced by the industrial and export sectors, stressing the need for urgent reforms and practical facilitation measures to revive business confidence and enhance competitiveness.

Federal Minister for Commerce Jam Kamal Khan highlighted the government’s ongoing efforts to strengthen trade, boost exports, and improve the ease of doing business. He said that despite global and domestic challenges, the government is pursuing policies aimed at sustainable economic recovery, industrial revitalization, and export diversification. The Minister assured that the Ministry of Commerce is committed to addressing the concerns of the business community and implementing reforms that enhance competitiveness and attract investment. He further stated that he will soon visit the LCCI to engage directly with its leadership and discuss sector-specific challenges and opportunities.

The LCCI president stressed the importance of taking the business community on board while formulating business-related policies. He said that policies made without stakeholder consultation often lead to practical challenges and hinder economic activity. Saigol emphasised that inclusive policymaking — developed in coordination with chambers of commerce and trade bodies — ensures realistic, effective, and growth-oriented outcomes for the national economy.

Meanwhile, the LCCI has successfully secured relief for the business community as the Government of Punjab has withdrawn the 16 percent Sales Tax on commercial property rent imposed by the Punjab Revenue Authority (PRA). The decision comes as a direct result of the consistent and constructive efforts of the Lahore Chamber, which had raised strong reservations over the negative economic impact of this tax.

Saigol, along with Senior Vice President Tanveer Ahmed Sheikh and Vice President Khurram Lodhi, had urged the provincial government to reconsider the levy, highlighting that it would burden the already stressed retail and commercial sectors.

The LCCI leadership, in a formal communication addressed to the Honourable Minister for Finance, Punjab, Mian Mujtaba Shuja ur Rehman, had emphasised that the sudden imposition of the 16 percent Sales Tax on commercial rent was causing widespread concern among businesses already struggling with high operational costs, inflation, and shrinking profit margins.

Following LCCI’s advocacy and persistent engagement with the concerned authorities, the Punjab government has now reversed its decision — a move that has been widely welcomed by the business community.

Saigol appreciated the government’s responsiveness and thanked the finance minister for understanding the genuine concerns of the private sector.

He said, “This decision will provide much-needed relief to the retail and commercial sectors, prevent potential job losses, and support business continuity. It is a positive step towards creating a more conducive environment for trade and investment in Punjab.”

He further reiterated LCCI’s commitment to continue working closely with the government for the promotion of economic stability, facilitation of businesses, and sustainable growth.

Copyright Business Recorder, 2025