Lahore Chamber of Commerce and Industry urged the government to prepare a fool proof, well designed and well thought out strategy to avert downward spiral of financial instability that is currently sweeping the euro zone. In an issued statement, the LCCI President, Irfan Qaiser Sheikh said that the present economic situation being faced by the country needs urgent measures as the shocks caused by the deepening debt crisis in Europe is likely to create ripples for a developing country like Pakistan. “If we do not act now, the economy will run the risk of a downward spiral of uncertainty, financial instability,” he said. The LCCI President said that an appropriate economic roadmap backed by a well thought out implementation and monitoring mechanism, is a prerequisite to economic revival of the country. The two sides, the government and the private sector would have to sit together as early as possible to achieve this much cherished goal. He said that the private sector has the ability to make this country a hub of economic activities. Irfan Qaiser Sheikh said that the fact remains that Pakistan is faced with multiple internal and external challenges. The economy is in bad shape and the law and order situation are deteriorating. There are issues of governance because of which we are sinking slowly, but surely. He said that at the international front, the country’s image is plunging with every passing day. Its goods are fast becoming uncompetitive while foreign investors are reluctant to even visit this country. The LCCI President said that despite having all the resources, Pakistani businessmen are fast losing hope because of the high costs associated with the business. There is a daily upward fluctuation in the prices of inputs and high markup rather the highest one, not only in the developing world but also in the developed countries. He said that the President of Pakistan, the Prime Minister, the Governors, the Chief Ministers, the Federal and Provincial cabinets and all the leading Chambers of Commerce need to have a joint sitting in order to identify the solutions of the problems being faced by the country since the time is running out. He said that if the situation remains the same for quite some time, a large number of businessmen would not be able to pay their dues to the banks and would be bound to default.
