Government must realize the importance of business community and should make its proposals a part of its trade & economic policies. Partnership between the government and business community will be resulted in a composition of strong economy.
These views were expressed by the LCCI President Irfan Iqbal Sheikh while talking to the delegation of Cottage Industry led by Ghulam Sarwar Malik, Progressive Group led by Usman Khalid, Ichra Market led by Zubair Ansari and Super Market & Distributors led by Chaudhry Nawaz.
The LCCI ‘s chief said that cottage industry of any country plays a significant role in economic development as it not only provides employment to the people but also help growth of manufacturing sector. He said that cottage industry should be given due importance and should be promoted in the rural areas to eradicate poverty and trend of migration from rural to urban areas. He said the example of China, Korea and United States where an equal importance is being given to the small business. They are treated at par with Large Scale Manufacturing sector. He said that despite having all the resources, the economic downturn being witnessed by the country is an eye-opener for the people sitting at the helm of the affairs.
He said that the economic revival of the country would remain a dream until and unless the government redesigns its policies and diverts resources towards cottage industry. He said that early establishment of a well equipped cottage city on the pattern of industrial zones in the country should be made part of the economic agenda of the government.
He said that business community has reservations on various taxation measures that have caused panic amongst the business community. “Reservations of business community must be addressed as it is backbone of the economy”, the LCCI office-bearers added. He said that difficult taxation system and high frequency of taxes have forced business community towards protest that is not a good sign for the economy. He said that government should take business community into confidence immediately and address their genuine reservations.
“There is an urgent need to reform the taxation system by engaging all the stakeholders. He called to get rid of the cumbersome taxation system that is hampering the trade and economic activities in the country”, the president of LCCI added.