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Express Tribune
3 days ago
- Business
- Express Tribune
Dar's US visit sets stage for stronger trade ties
Listen to article Pakistan's trade relations with the United States are set to strengthen following Deputy Prime Minister Mohammad Ishaq Dar's recent visit to Washington DC, said the Lahore Chamber of Commerce and Industry (LCCI) on Saturday. In a statement released on Saturday, LCCI President Mian Abuzar Shad praised the economic diplomacy led by Prime Minister Shehbaz Sharif and Deputy PM Dar, crediting their leadership for restoring macroeconomic stability and global confidence in Pakistan. He called the visit a "landmark step" that signals Pakistan's intent to revive economic momentum and expand global partnerships. During the trip, Dar held a key meeting with US Secretary of State Marco Rubio, where both sides discussed deepening cooperation in trade, investment, technology, agriculture, and minerals. Shad welcomed their joint commitment to building structured and sustainable mechanisms for bilateral engagement. Dar's address at the Atlantic Council also drew praise. The deputy PM spoke of Pakistan's transition from aid dependency to trade-driven growth. Shad said this forward-looking approach reflects the aspirations of Pakistan's business community and sends a strong signal to investors. He endorsed Dar's commitment to open Pakistani markets to American goods and his push for a comprehensive trade deal with the US. He said this strategy would boost investor confidence and unlock opportunities for both sides. He added that Pakistan's reforms to improve ease of doing business and attract foreign investment should further reassure US stakeholders. Shad noted that the US is already Pakistan's largest export destination, especially for textiles, garments, leather, and surgical tools. He pointed out that Pakistan is also the second-largest buyer of US cotton, reflecting deep trade links. He underscored that Pakistan's textile sector would greatly benefit from predictable trade frameworks and preferential market access. A free trade agreement or bilateral investment treaty with the US, he said, would be a game-changer for Pakistan's economy. He praised the government's strategic diplomacy and expressed LCCI's full support for efforts to enhance trade ties and foreign economic relations.
Business Recorder
4 days ago
- Business
- Business Recorder
LCCI welcomes boost in credit rating
LAHORE: The President of the Lahore Chamber of Commerce & Industry Mian Abuzar Shad has warmly welcomed the boost in Pakistan's credit rating by S&P Global to B- from CCC+ and the commendation by the World Bank for Pakistan's strides in sustainable development. He termed these achievements as a reflection of the Prime Minister Shehbaz Sharif and his economic teams's prudent economic policies, strategic planning and commitment to long-term economic growth and global integration. Mian Abuzar Shad said that recognition from World Bank and S&P is a significant milestone that will play a vital role in boosting foreign investment, enhance business credibility and creating a more stable financial environment for the private sector. He said that the improvement in credit rating by a globally known institution like S&P Global sends a strong message to the foreign investors that Pakistan is on a path to economic recovery and resilience. He said that despite numerous global and regional economic challenges, the Government of Pakistan has made commendable efforts in steering the country toward macroeconomic stability. The credit rating upgrade is not just a statistical improvement but a strong endorsement of the government's efforts to stabilize the economy, reduce fiscal deficits, enhance tax collection and implement structural reforms. The LCCI President further stressed the importance of this positive development for the business community. He said that such international recognition boosts the morale of local entrepreneurs and provides them with confidence to invest, expand and innovate. 'It will help reduce borrowing costs for the government and private sector, improve access to international financial markets and strengthen Pakistan's position in global trade and commerce,' he added. Mian Abuzar Shad said that Pakistan's shift toward inclusive and environmentally responsible economic growth is in line with global goals and will open new doors of cooperation and funding from international development partners. Copyright Business Recorder, 2025
Business Recorder
19-07-2025
- Business
- Business Recorder
All major markets in Lahore stay shut
LAHORE: All major commercial areas, including Shah Alam Market, Akbari Mandi, Hall Road, Mall Road, Anarkali, and others, were shut down, with support from all factions of the city's traders' unions. The Lahore Chamber of Commerce also endorsed the protest. The strike, called in protest against expanded powers granted to the Federal Board of Revenue (FBR), divided traders into opposing camps. Traders' leader Haji Maqsood Butt declared the strike a success and warned that if the FBR continued to 'harass' traders or exert 'unjustified authority,' further action would be taken. 'We are united, and we reject forced compliance,' he said. Lahore Chamber of Commerce and Industry President Mian Abuzar Shad has appreciated the business community for showing a great response and the overwhelming success of the nationwide shutter-down strike on July 19. The press conference was attended and addressed by Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, former Presidents Mian Anjum Nisar, Muhammad Ali Mian, former Senior Vice President Ali Hussam Asghar and former Vice President Faheem ur Rehman Saigol. Speaking on the occasion, LCCI President Mian Abuzar Shad said that the 19th of July 2025 will go down in history as a defining day of awareness, unity and struggle by Pakistan's business community. He extended heartfelt gratitude to the traders, shopkeepers, industrialists and all market associations of Lahore who responded to the LCCI's call and ensured a complete, peaceful and disciplined strike. Lahore has proven today that it is not just a city – it is a sentiment, a force. The LCCI President also appreciated the strong response from other cities including Karachi, Hyderabad, Sukkur and others who joined hands for a common cause. He added that Lahore and Karachi collectively contribute over 60% of Pakistan's economic activity. Today, that 60% was silenced, not by force, but by choice to register protest against oppressive and non-consulted tax measures. He informed the media that nearly eight hours of negotiations were held via Zoom on July 18 , involving top government officials including Haroon Akhtar Khan, Chairman FBR Rashid Langrial, Bilal Azhar Kayani and others while from the LCCI, the meeting was attended by the LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, Former Presidents Mian Anjum Nisar and Muhammad Ali Mian, Former SVP Ali Hussam Asghar and former Vice President Faheem ur Rehman Saigol. During the discussion, the LCCI demanded urgent revisions and clarifications on Section 37AA, Implementation of E-Invoicing and e-bilty system, 16% sales tax on rent of properties and 20% tax on transactions above PKR 200,000. 'We asked for a public statement or at least official meeting minutes to share with our stakeholders. Neither was provided. This left us with no choice but to proceed with a strike,' said Mian Abuzar Shad. LCCI Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry said that we are patriots. We are willing to pay taxes. But we demand justice and inclusion in policymaking. Our protest is not for personal gain but to safeguard millions of livelihoods across the country.' The LCCI leadership said that business community has been invited at the LCCI on July 23 (Wednesday) to chalk out the next steps. LCCI President Mian Abuzar Shad made a appeal to Prime Minister Shahbaz Sharif and Deputy Prime Minister Ishaq Dar to hear our legitimate demands and help avoid a nationwide economic crisis. They said that this is not an individual's issue. This is about collective survival. Those who thought a strike would never happen should now open their eyes to the ground reality. They said that business community is the backbone of Pakistan's economy andtheir concerns must be taken seriously. The leadership warned that inaction will result in larger movements, but added that their doors remain open for dialogue. LCCI President Mian Abuzar Shad extended his thanks to national media. Meanwhile, Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has joined hands with chambers and trade bodies across the country in a complete industrial shutdown to protest against the controversial arrest powers granted to the FBR under Section 37AA of the Income Tax Ordinance, besides calling for final tax regime and restoration of EFS in its original form for the export industry. The nationwide strike, observed today, was held on the joint call of the Lahore Chamber of Commerce and Industry and other business groups demanding immediate withdrawal of anti-industry laws introduced through the federal budget. Zonal Chairman of PHMA Abdul Hameed, along with former chairmen Shafiq Butt and Naseer Butt, announced the closure of hosiery units as part of the countrywide strike, warning that such legislation would only deepen the crisis facing Pakistan's export-oriented sectors. The PHMA leadership said the business community could no longer stay silent while draconian laws continued to erode the confidence of investors and exporters. They said the participation of PHMA in this strike was not symbolic but a complete operational shutdown in protest against what they termed economic strangulation by the government's policies. Abdul Hameed expressed grave concern over Section 37AA, which gives FBR officers the authority to arrest businesspersons without due process or prior investigation, merely on suspicion of tax evasion. He said this law is a clear violation of constitutional rights and a serious blow to the already fragile industrial environment of Pakistan. Abdul Hameed termed it a 'black law' that legitimizes harassment of genuine taxpayers and exporters, adding that the textile and hosiery sector is already grappling with liquidity shortages, inflated utility tariffs, and a shrinking export order pipeline. PHMA former chairman Shehzad Azam Khan said their protest goes beyond just one law. He reiterated key demands of the value-added textile sector, including restoration of the normal tax regime, a reduction in the discretionary powers of FBR officials, and immediate reinstatement of the original structure of the Export Facilitation Scheme (EFS). He criticized the sudden and unexplained changes made in EFS parameters, which he said had undermined the very foundation of a system meant to support exports. By altering the EFS framework without consultation, the government has left exporters with unmanageable procedural burdens and operational uncertainty, they added. The strike call had received overwhelming support from nearly all chambers of commerce and industrial associations across the country, including Karachi, Faisalabad and Sialkot. Thousands of industrial units, large and small, remained closed for the day as a mark of protest. PHMA leaders warned that if the government failed to meet the business community's demands, the protest could enter the next phase, including indefinite closures and international complaint filings by exporters who fear losing credibility among global buyers due to erratic policymaking at home. Shafiq Butt also demanded the withdrawal of unreasonable taxes imposed on cash withdrawals and raised serious objections to the e-invoicing system that has made compliance nearly impossible for small and medium-sized enterprises. Former chairman Shafiq Butt said the government's attempt to boost revenue by criminalizing business activity is short-sighted and self-destructive. He warned that such coercive measures would push more businesses into the undocumented sector rather than increase tax compliance. Naseer Butt echoed these concerns, saying industrial output is already below 60 percent capacity in several textile zones, and any further disruptions would be disastrous for exports and employment. PHMA leaders also urged Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb to hold urgent consultations with business stakeholders instead of relying solely on bureaucratic advice. They said restoring business confidence through fair taxation, regulatory stability, and policy consultation is the only path forward. They reminded the government that Pakistan's economic recovery depends heavily on exports, and any attack on the export base is equivalent to sabotaging the country's future. Copyright Business Recorder, 2025
Business Recorder
25-06-2025
- Business
- Business Recorder
‘Pakistan, Kenya can open new avenues to enhance trade, investment'
LAHORE: Kenya High Commissioner Lt Gen Peter Mbogo Njiru (Retd) has said that Kenya and Pakistan have a lot of potential to boost trade and economic ties. The growing interest of Pakistani entrepreneurs in strengthening bilateral trade and investment ties with Kenya is a good omen. He was speaking at the Lahore Chamber of Commerce and Industry. LCCI president presented the address of welcome and shed light on the possibilities of trade and investment in the two countries. Commercial Attache of Kenya Bonface Njoroge Njuguna, Honorary Consul Dr Faisal Khokhar and LCCI Executive Committee members Khurram Lodhi, Ahsan Shahid, Amina Randhawa, Syed Salman Ali, Amir Ali and Karamt Ali Awanwere also present. The HC said it is encouraging to see the desire among Pakistani businessmen to build trade linkages with Kenya and said that business-to-business partnerships are fundamental to sustainable commercial growth between the two nations. He said that Kenya is open for foreign direct investment across all sectors the government is committed to ensuring full facilitation to international investors. He encouraged the Pakistani business community to take advantage of the vast economic opportunities available in Kenya, particularly in sectors such as health, pharmaceuticals, agriculture, textile manufacturing and leather. Njiru said that Kenya's strategic geographic location offers a critical gateway to East and Central Africa. He said that shipping goods from Karachi to Mombasa is feasible and cost-effective, which makes Kenya an ideal entry point for Pakistani exports targeting African markets. He also appreciated Pakistan's Look Africa initiative, describing it as a forward-thinking and visionary policy framework that aligns well with Kenya's economic aspirations. He assured the business community that any issues impeding mutual trade will be addressed through coordination with relevant stakeholders. LCCI President Mian Abuzar Shad said that diplomatic relations between Pakistan and Kenya were established in 1964 and have remained cordial and productive ever since. He said that both countries are members of the Commonwealth of Nations, share common values and trade potential. He said that LCCI views Kenya as one of the most important trade partners for Pakistan in the African continent and considers it a vital gateway to East Africa. He said that the Government of Pakistan launched the Look Africa Policy in 2017 to boost economic and trade relations with African countries including Kenya, Nigeria, South Africa, Morocco, Senegal, Algeria, Egypt, Sudan, Tanzania Ethiopia. Under this initiative, Pakistan is seeking to negotiate Preferential Trade Agreements (PTAs) with various African regional blocs to enhance trade volume. He said that the Look Africa Plan is expected to significantly contribute to Pakistan's efforts to unlock the vast export potential in African markets. Mian Abuzar Shad added that the support and cooperation of the Kenyan High Commission would be crucial in achieving these goals. He shared key trade data and informed that during the fiscal year 2023–24, Pakistan's exports to Kenya amounted to $315 million while imports from Kenya were around $614 million. He further mentioned that during the first eleven months of the current fiscal year 2024–25, Pakistan's exports to Kenya reached $225 million, while imports stood at approximately $500 million. The LCCI president stressed the need to reduce the existing trade deficit and expressed the aspiration to increase the bilateral trade volume to at least $2 billion in the coming years. He pointed out that Kenya's total imports stand at $20.2 billion while its global exports are around $8.3 billion that Pakistan's share in Kenya's overall trade is still very low. He urged the Kenyan High Commission to play a proactive role in connecting Kenyan importers with Pakistani exporters. He said that Pakistan primarily exports rice, textiles, pharmaceuticals wooden articles to Kenya, while importing tea, dried vegetables, fruits, cut flowers, hides skins. He stressed the need to diversify the trade basket and identify more tradable items such as pharmaceuticals, surgical instruments, automotive parts, information technology services, sports goods light engineering products. Mian Abuzar Shad also underscored the potential for both countries to establish joint ventures in fields like defence, education, agriculture tourism. He proposed that B2B contacts should be further enhanced through the exchange of trade delegations and the organization of single-country exhibitions in both Pakistan and Kenya. He requested the Kenyan High Commission to share relevant information about Kenya's duty structures, legal requirements import procedures so that Pakistani exporters can better understand and access the Kenyan market. The LCCI president assured the High Commissioner that the Lahore Chamber is fully committed to strengthening economic ties with Kenya and looks forward to maintaining strong institutional collaboration with the Kenyan High Commission in Pakistan. He concluded by saying that with shared commitment and continuous engagement, Pakistan and Kenya can open new avenues for mutually beneficial trade and investment. Copyright Business Recorder, 2025
Business Recorder
24-06-2025
- Business
- Business Recorder
Turkish CG visits LCCI to explore ways aimed at boosting trade
LAHORE: The Consul General of Turkiye, Durmus Bastug visited the Lahore Chamber of Commerce and Industry on Monday to explore ways to expand trade and investment cooperation between the two brotherly countries. The key areas, which came under discussion for enhancing collaboration, were trade, investment, technology, tourism and agriculture, along with the regular exchange of business delegations. LCCI Vice President Shahid Nazir Chaudhry, Executive Committee Members Khurram Lodhi, Irfan Ahmad Qureshi, Amina Randhawa, Karamat Ali Awan, Rana Muhmmad Nisar, Shouban Akhter and Asif Khan also spoke on the occasion. Durmus Bastug said that many of Turkiye's leading companies are already operating in Pakistan which reflects the confidence of Turkish investors in Pakistan's market. He stressed the importance of strengthening business-to-business relations and shared Turkiye's interest in initiating more joint ventures with Pakistani counterparts. He said that Pakistan and Turkiye shared a bond rooted in brotherhood and mutual respect and assured that all possible efforts are underway to elevate the level of bilateral trade and cooperation. LCCI Vice President Shahid Nazir Chaudhry said that Pakistan holds its relationship with Turkiye in the highest regard. He said that the bond between the two countries is not just diplomatic but deeply historical and cultural, with both nations standing side by side during moments of celebration as well as times of adversity. He also recognized the crucial role played by both countries as members of the Organization of Islamic Cooperation in fostering unity, peace and progress within the Muslim world. While acknowledging the strong relationship, he pointed out that the current volume of bilateral trade remains modest. He shared that Pakistan's exports to Turkiye during FY 2023–24 amounted to $337 million, while imports stood at $491 million, making the total trade volume around $828 million. He stressed the need for greater efforts to unlock the untapped trade potential and fully utilize the Trade in Goods Agreement, which came into effect in May 2023. He expressed optimism that with mutual collaboration, the trade volume could be increased to at least $5 billion in the coming years. He also identified significant potential for growth in areas such as textiles, construction, food processing, pharmaceuticals, energy, tourism, sports goods and especially the information technology sector. LCCI vice president underlined the role of business institutions in strengthening bilateral ties and assured that the Lahore Chamber is ready to take the lead in promoting joint ventures, hosting trade delegations, participating in international trade exhibitions and organizing Pakistan–Turkiye business forums. He added that the Turkish Consulate General in Lahore can serve as a vital link between Turkish investors and the Pakistani business community, particularly in a vibrant city like Lahore, which serves as the cultural, industrial and economic hub of Punjab. Copyright Business Recorder, 2025
