Azeem A Khan

Lahore Chamber of Commerce and Industry (LCCI) President Kashif Anwar said the government's efforts to reduce imports have resulted in a shortage of raw materials, machinery, and other inputs for the industry. Speaking at an awareness session on "Facilitation Provided to the Business Community by Government Departments," he said that the scarcity is affecting all industries.

According to him, a 100% cash margin is causing the blockage of funds. He advocated lowering the policy rate for small and medium-sized businesses and levelling the profit rates of conventional and Islamic banks. He asserted that the LCCI has consistently pushed for links between business and academics and suggested the Akhuwat Foundation should make it easier for young entrepreneurs to get loans.

A representative of the Small and Medium Enterprise Development Authority (SMEDA) expressed the opinion that the authority supports small and medium enterprises (SMEs) in exporting. According to him, the SMEs must import many raw materials, necessary parts, and other machines that are unavailable domestically. As a result, they must pay regulatory duties, customs duties, and additional customs duties, he added.

Credit : Independent News Pakistan-WealthPk