The Lahore Chamber of Commerce and Industry (LCCI) Friday called a well thought-out and well-designed strategy to diversify exports to other emerging markets as Europe and North American markets continue to face downward pressures since the beginning of global economic downturn. In a statement issued here, the LCCI President Irfan Qaiser Sheikh said that the contraction in euro zone’s private sector has further darkened the shadows over the global economy and its spillover may hit Pakistan’s private sector therefore the diversification of exports is the only way out.
The LCCI president said that in the Gulf region, Saudi Arabia and Qatar has lot of business potential while Turkey and African region are other promising markets. “If we do not act now, the economy runs 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. He said that the private sector has the ability to make this country a hub of economic activities. 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.
