LCCI chief urges govt to follow China in facilitating businesspeople

President of the Lahore Chamber of Commerce and Industry (LCCI) Mian Nauman Kabir on Friday afternoon urged the government to follow China in facilitating the businesspersons.

He believed that the increase of 2.5 percent raise in markup rate by the Pakistani government in the present economic scenario was a surprise as the business community was expecting a cut by State Bank of Pakistan (SBP).

The LCCI President maintained that the 2.5 percent increase would hit all sectors of economy hard. State Bank of Pakistan should withdraw massive hike in mark up rates and bring it to single digit to encourage new investments, for revival of businesses and to give a jumpstart to the economy which is at standstill, he added.

In a statement, he mentioned that business grew in China as they facilitated the businesspersons. He contended that the increase in markup rate would have dire consequences on Pakistan’s economic growth rate.

“It will surely hinder the process of Industrialization and private sector growth. Pakistan should bring its markup rate at par with the regional rates which are much lower,” he opined.

Kabir said that being the premier business support organization of the country, LCCI was of the view that the monetary policy of the country should support industrialization.