LAHORE: The newly-formed standing committees of the Lahore Chamber of Commerce and Industry (LCCI) have been tasked to prepare sector-specific research / market reports and data bank by LCCI president Malik Tahir Javed.

Speaking at the appointment ceremony on Saturday, he said extra care had been taken while appointing the conveners of the LCCI Standing Committees, as on the basis of the feedback of these sector specialists, the LCCI would formulate a set of proposals for the government for economic revival.

Javed said the LCCI standing committees consisted of experienced businessmen having the abilities to draw a good revival plan for the national economy. He advised them to focus on the areas of growth through innovation, strategic economic reforms, brain-drain, water scarcity, power generation and hunt for new destinations for Pakistani goods.

“Dwindling exports, declining foreign exchange reserves, high cost of doing business, low tax-to-GDP ratio, stagnant manufacturing growth, deteriorating state of affairs of the public sector entities (PSEs) and high trade deficit are the key challenges for the economy,” the LCCI president said.

Javed said the business community could yield better results if stakeholders were consulted in formulation of policies.

Businessmen wanted to do something good for the country by suggesting remedies for growth in each sector, he said, and urged the government to give weight to their point of view, address their genuine reservations and remove unnecessary laws, rules and regulations for the trade and industry.

All of the economic ideas from the standing committees would be developed as suggestions / reports and would be forwarded to the government departments concerned, he said.

“There is no second opinion about it that if policies are formulated with the consultation of stakeholders, they are bound to yield results,” he added.