Innovative approach needed

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) said Pakistan’s success lies in an innovative approach, which is in vogue in the developed world and must be pursued with vigour in the New Year.

LCCI President Shiekh Muhammad Arshad in his year end statement said that ease of doing business, generation of cheap electricity and good governance should be implemented in the year 2016.

He said the country faced various economic challenges in the last year, including decline in exports and foreign direct investment, acute shortage of energy, lowest tax-to-GDP ratio, inefficiency of public sector entities and corruption, but these challenges could be coped via dialogues between the government and the private sector. He said the widening gap between exports and imports could be contained by reducing import of luxury items.

Arshad said that shortage of water was one of the biggest challenges being faced by the country. He said a million acres of land could be cultivated by constructing the Kalabagh dam; therefore the government should include construction of Kalabagh Dam in its priorities during the year 2016.