Business Recorder
LAHORE: Prime Minister Shehbaz Sharif held a consultative meeting with presidents of chambers of commerce and industry at the Prime Minister House to seek recommendations from the business community on the upcoming federal budget and the overall economic situation of the country. President of the Lahore Chamber of Commerce and Industry (LCCI) Faheem-ur-Rehman Saigol, who also attended the meeting, said on Monday that he presented a number of proposals aimed at improving the business environment, boosting exports and supporting industrial growth. According to the LCCI president, he urged the government to abolish the Punjab Infrastructure Development Cess (PIDC), stating that the levy has significantly increased the cost of doing business and adversely affected export-oriented industries. He said responding to his concern, Prime Minister Shehbaz Sharif informed the participants that the matter has already been taken up and is under consideration. Raising concern regarding lockdown in commercial markets, Saigol said the early closure of markets, restaurants and commercial centers is negatively affecting business activity, employment and economic growth. The LCCI president, during the meeting, emphasized that the upcoming federal budget should be based on an export-led growth strategy. He said all fiscal, trade and industrial policies should focus on increasing exports, attracting investment, encouraging industrialization and improving Pakistan’s competitiveness in international markets. He also stressed that consistency and continuity of economic policies are essential for economic recovery and sustainable growth. The LCCI president also highlighted the negative impact of frequent Statutory Regulatory Orders (SROs) and abrupt policy changes saying that repeated amendments to tax, trade and regulatory frameworks create uncertainty in the business community disrupt planning and increase compliance costs. He urged the government to ensure policy stability and avoid unnecessary regulatory interventions. Highlighting another major national challenge, Faheem Saigol underscored the need for the construction of additional water reservoirs and storage facilities across the country. Highlighting the high Cost of Doing Business (CODB) in Pakistan, he said rising energy tariffs, taxation, financing costs and regulatory burdens are making local industries less competitive. Faheem Saigol pointed out the disparity between duties and taxes on commercial imports and industrial imports, urging the government to remove this imbalance. He said the prime minister appreciated the constructive recommendations put forward by the business community and assured the participants that their proposals would be given due consideration in the formulation of the upcoming federal budget. Copyright Business Recorder, 2026
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