LCCI to Submit Joint Budget Proposal to Government by End of February, Says President

By Muhammad Shahzad
Lahore, Pakistan
LAHORE: A high-level delegation from the Muzaffarabad Chamber of Commerce and Industry (MCCI) visited the Lahore Chamber of Commerce and Industry (LCCI) to discuss matters of mutual interest, business cooperation, and the current economic situation. The delegation was led by MCCI President Khawaja Ishtisham Woogra, while LCCI President Faheem ur Rehman Saigol hosted the meeting.
The session was attended by LCCI Senior Vice President Tanveer Ahmad Sheikh, Vice President Khurram Lodhi, former LCCI President Tahir Javed Malik, and other former Executive Committee members. From Muzaffarabad Chamber, Executive Committee members including Raja Abid Khan, Malik Ejaz Gilani, Shadab Mateen, Muhammad Irfan Kayani, Hasan Taj, and Raja Abdul Rasheed also participated.
During the meeting, LCCI President Faheem ur Rehman Saigol emphasized that given Pakistan’s current economic challenges, the business community must present a united front. He stated that the government should receive a single joint budget proposal to enable effective measures for economic stability.
“Exports have decreased, the trade deficit has reached $19 billion, and urgent steps are required,” he said, calling for the abolition of CESS, a reduction in power tariffs, and a cut in interest rates. He confirmed that the Lahore Chamber will submit the joint budget proposals by the end of February and actively work to ensure their implementation.
MCCI President Khawaja Ishtisham Woogra highlighted the business potential of Azad Kashmir, particularly in handicrafts, tourism, furniture, dry fruits, medicinal herbs, minerals, and hydropower. He stressed the importance of continued communication and collaboration between Lahore and Muzaffarabad Chambers to promote investment in the region.
LCCI Senior Vice President Tanveer Ahmad Sheikh warned that without consultation with the business community, economic stability would remain elusive. He highlighted rising poverty at 45%, increasing unemployment, low growth, lack of foreign investment, and heavy taxation on traders. LCCI Vice President Khurram Lodhi added that the SME sector, being the backbone of the national economy, requires special measures and policy support.
The meeting concluded with a consensus on maintaining continuous collaboration between the two chambers to address business challenges and promote investment across the country.