LCCI welcomes relief package for exporters

LAHORE: President of the Lahore Chamber of Commerce and Industry (LCCI) Faheem ur Rehman Saigol, Senior Vice President Tanveer Ahmed Sheikh, and Vice President Khurram Lodhi have welcomed the special relief package announced by Prime Minister Shehbaz Sharif for exporters and industry.

They said that although the business community was expecting a bigger relief package, any relief provided in the current economic situation is important and valuable for industry and exports.

LCCI President Faheem ur Rehman Saigol said that the reduction of the Export Refinance Rate by 300 basis points, bringing it down from 7.5 percent to 4.5 percent, is a positive step. He said this will provide exporters with cheaper financing, reduce pressure on working capital, and encourage new investment. He added that while the industry expected more relief, the package is likely to bring immediate improvement in business activity.

The LCCI President further said that a reduction of around Rs 4 per unit in industrial electricity tariffs and up to Rs 9 per unit in wheeling charges is an important move towards lowering production costs. Energy is a major cost for sectors such as textiles, engineering, food processing, chemicals, and other export-oriented industries. Cheaper electricity will reduce per-unit costs, improve profit margins, and make Pakistani products more competitive in international markets.

Senior Vice President Tanveer Ahmed Sheikh said that in the current environment of weak global demand and tough competition, this relief package will provide temporary support to industry. He said that lower energy costs and cheaper financing will help exporters maintain existing orders and focus on improving quality, meeting international standards, and increasing production capacity. However, he stressed that further structural reforms are necessary for long-term improvement.

Vice President Khurram Lodhi said that the Prime Minister’s announcement reflects the government’s export-led economic vision. However, considering the scale of challenges faced by industry, the business community was expecting more relief. He said that despite this, the measures announced are in the right direction and, if implemented effectively and consistently, can lead to an increase in exports in the short and medium term.

The LCCI office-bearers emphasized that along with lower energy prices and financing costs, policy stability, predictability, and regulatory simplification are also essential so that investors can plan for the long term with confidence. They called for easy and practical access to the relief package for the SME sector, as small and medium enterprises play a key role in employment generation and the export value chain.

They expressed hope that the government will provide further relief in the upcoming budget and future policy measures in line with industry expectations to promote Pakistan’s exports on a sustainable basis.

They reaffirmed that the Lahore Chamber of Commerce and Industry will continue to cooperate with the government and represent the business community to support economic growth.