Business leaders unite at Lahore Seminar, call for economic charter

Lahore: In a well-attended seminar comprising influential business community leaders in Lahore, Rana Tariq Mahboob, Chairman of the Chain Store Association of Pakistan (CAP), emphasized the critical need for an economic charter in the current business climate. Expressing dissatisfaction with government measures, Mahboob criticized what he perceived as an undue burden on traders, despite purported relief initiatives.

A focal point of the gathering was the call for an economic charter, with discussions centered on its potential role in navigating the challenging business environment. Business leaders underscored the importance of such a charter in providing a cohesive and clear framework for economic policies, offering stability and guidance to businesses facing uncertainties.

The participants voiced collective grievances, pointing to the intricate and unwieldy Federal Board of Revenue (FBR) system, which requires filing approximately 73 returns annually. This process was labeled as burdensome, testing the patience of traders.

During his keynote address, Chairman Rana Tariq Mahboob highlighted the formidable challenges businesses face post-COVID-19. He mentioned closures resulting from political rallies, electricity crises, smog, and security concerns. Mahboob drew attention to a tax rate exceeding 110% on commercial meters, characterizing it as an additional hurdle for businesses.

In collaboration with CAP, stakeholders in Lahore were brought together not only to address challenges but also to discuss the prospect of a Charter of Economy. Mahboob stressed the imperative of unity among stakeholders, especially in the context of formulating an economic charter that could serve as a comprehensive guide.

Anser Zahoor Butt, President of the Grand Trade Alliance, conveyed to the audience that government policies were being formulated without due consideration for input from relevant stakeholders within the community. This echoed a sentiment calling for a more inclusive and collaborative approach to policy-making.

Traders from the retail market underscored their vital role in the economy and expressed a commitment to continuing this role. However, they called upon the government to attentively listen to their issues and earnestly work towards resolving them.

The seminar saw participation from various trade bodies, including Markazi Anjuman-e-Tajran Central Punjab, Super Store Association, Qomi Tajir Itehad, All Pakistan Anjuman-e-Tajran (Naeem Mir Group), Anjuman-E-Tajiran Lahore, President Hall Road Market, President Liberty Market, and President MM Alam Road Market.

The seminar not only shed light on the multifaceted challenges faced by businesses in Pakistan but also marked a pivotal moment in discussions about a Charter of Economy, emphasizing the necessity for a collaborative approach, inclusive policy-making, and responsive governance to alleviate the burdens on the business community.