COAS meets LCCI members to discuss economic situation in Pakistan

LAHORE: Chief of Army Staff (COAS) General Asim Munir met with representatives from the Lahore Chamber of Commerce & Industry (LCCI) and prominent business figures at the Corps Commander headquarters in Lahore on Sunday.

The meeting centered on discussions regarding the nation’s economic situation. Punjab interim chief minister Mohsin Naqvi was also present in the meeting.

General Munir, at the heart of the discussion, shed light on the pivotal role of the Special Investment Facilitation Council (SIFC) and highlighted its potential to draw substantial investments amounting to an impressive $100 billion. These investments are expected to flow from countries such as Saudi Arabia, the United Arab Emirates, Kuwait, and others.
Furthermore, COAS Munir apprised the meeting attendees about the formation of task forces dedicated to enhancing economic decision-making across various sectors. This move seeks to harness the collective wisdom and expertise of diverse stakeholders.

LCCI President Kashif Anwar, a key figure in the meeting, called for regular and meaningful engagement with all chambers of commerce to ensure a comprehensive and inclusive agenda for the task forces. He expressed concerns about the current lack of responsiveness to suggestions made by the business sector.

In addition to advocating for greater engagement, President Anwar proposed a reduction in income and sales tax rates on electricity bills, an initiative that could provide relief to both businesses and consumers.

The COAS reassured the business community members in attendance by announcing plans to subject money exchanges to taxation, a move aimed at promoting transparency in dollar exchange and interbank rates.

The establishment of the Special Investment Facilitation Council last month marked a significant milestone in Pakistan’s quest to attract foreign investment. COAS Munir, who attended the launch ceremony, extended an invitation to foreign investors to explore Pakistan’s hidden reserves and harness its rich mineral resources.