Pakistan in a Much Stronger Economic Position Than in the Past: Rana Mubashir IqbalFederal Minister for Public Affairs Unit Visits LCCI

By Our Staff Reporter Dr Ansab Ali

LAHORE: “Consultation will be the cornerstone of our upcoming policies to ensure that every decision reflects the voice of the business community,” said Federal Minister for Public Affairs Unit Rana Mubashir Iqbal while addressing members of the Lahore Chamber of Commerce and Industry (LCCI).

LCCI President Faheem ur Rehman Saigol delivered the welcome address, while Senior Vice President Tanveer Ahmed Sheikh, Vice President Khurram Lodhi, former presidents Mian Anjum Nisar and Muhammad Ali Mian, as well as Executive Committee members Firdous Nisar, Shaban Akhtar, Imran Salimi, Aamir Ali, Waqas Aslam, Karamat Ali Awan, Abdul Majeed, and Manzoor Hussain Jafri were also present.

Minister Rana Mubashir Iqbal lauded the role of the business community in stabilizing Pakistan’s economy, emphasizing that the government stands firmly with entrepreneurs and industrialists. “We have taken difficult but necessary reform measures, the positive outcomes of which are now becoming evident,” he said. “While others dig holes, we are filling them.”

He noted that despite the ongoing fight against terrorism, the overall security situation is improving, which is encouraging investor confidence.

Speaking on the occasion, LCCI President Faheem ur Rehman Saigol said the Public Affairs Ministry can serve as a vital bridge between the business community and policymakers. “Sustainable economic growth can only be achieved through joint efforts by the government and the private sector,” he remarked, adding that policies must evolve with ground realities to attract investment and improve the business climate.

Highlighting the current challenges, Saigol warned that Pakistan is witnessing not just brain drain but also capital flight, as several multinational companies are leaving the country. He noted that around $12 billion of Pakistani investment is currently parked in Dubai’s real estate sector — a sign of the trust deficit among investors.

“Whenever issues such as interest rates or power tariffs arise, IMF conditionalities are cited as justification. We must adopt independent policy-making,” he asserted.

He further pointed out that State-Owned Enterprises (SOEs) are causing annual losses of about Rs. 850 billion, and that around 50% of the population now lives below the poverty line. Rising youth unemployment, he warned, could lead to an increase in crime.

Saigol urged the government to prioritize SME development and redirect funds from non-productive programs like BISP toward job creation and industrial growth. He also announced plans to invite the Prime Minister to the Chamber to discuss the business community’s concerns directly and to organize an awards ceremony recognizing their contributions.

He proposed that chambers of commerce be included in the government’s Grievances Wing to ensure timely communication of business issues to the Prime Minister’s Office.

In response, Minister Rana Mubashir Iqbal said that new industrial zones had already been announced in Sheikhupura and Sialkot. On the Prime Minister’s directives, he added, gas supply to industries has been restored and the ban on new meter installations lifted. “The improvement in the stock market reflects growing economic stability, and the interest rate has dropped from 22% to 11%,” he noted.

“Lahore is the center of business activity — every influential voice emerges from here,” the Minister said, assuring that the government would implement the LCCI’s recommendations and review industrial rates in comparison with FIEDMC to provide relief to industry.

He said Pakistan has emerged from the economic crisis due to the government’s prudent policies. “Our debt has decreased, and soon we will bid farewell to the IMF,” he declared.

Praising the Pakistan Armed Forces, the Minister said, “They have made immense sacrifices for national defense — we inflicted a humiliating defeat on India.” He also expressed optimism about regional peace, saying the situation in Afghanistan is improving and regional stability is expected soon.

“Several institutions are unbridled, but taxes will now be collected with trust and mutual respect,” he said, concluding that the past two years have been a period of remarkable achievements, reflecting the government’s commitment to the right direction.

“Give us your suggestions,” he told the LCCI leadership, “and we will act on them immediately.”