Pakistan's significant export potential in non-traditional industrial sectors remains constrained due to a lack of focused policy attention, a top business leader stated on Saturday.
LCCI and Coating Industry Forge Alliance
Faheemur Rehman Saigol, President of the Lahore Chamber of Commerce and Industry (LCCI), made these remarks during a meeting with a delegation from the Pakistan Coating Association at the LCCI office. The occasion also saw the signing of a Memorandum of Understanding (MoU) between the two organizations to foster closer collaboration.
Under this new agreement, the LCCI and the Pakistan Coating Association will undertake joint activities throughout the year. These initiatives will focus on business development, advocating for supportive policies, and promoting trade both domestically and internationally.
Untapped Markets and Industry Challenges
Addressing the gathering, Saigol identified the coating industry as a vital sector capable of bolstering local manufacturing while making substantial contributions to export growth. He emphasized that enhanced coordination among trade bodies is critical, especially as businesses across all sectors navigate ongoing economic challenges.
Representatives from the Pakistan Coating Association provided detailed insights into their industry. They explained that the sector encompasses several sub-sectors, including:
- Paints
- Adhesives
- Powder coatings
- Construction chemicals
All these sub-sectors possess considerable export potential, with key markets identified in Africa, Central Asia, and the Middle East. However, the delegation highlighted that persistent issues like border closures and transport constraints continue to disrupt trade flows. They stressed an urgent need for developing alternative trade routes and more robust regional trade diplomacy.
Call for Policy Recognition and Unified Voice
The association's delegates pointed out that chambers of commerce have been instrumental in supporting businesses, notably in resolving recent transport and port-related problems. They argued that effective coordination between the private sector and the government is essential for achieving sustainable and practical policy outcomes.
A major proposal put forward was the formal recognition of the coating industry as a separate industrial sector. This official status would ensure appropriate representation in national taxation frameworks and incentive policies, directly addressing the current policy gap.
Furthermore, efforts are reportedly underway to align the positions of major chambers of commerce across Pakistan. The goal is to present a unified front to the government on key economic issues, thereby strengthening advocacy for the entire business community.
In his concluding statements, LCCI President Saigol reaffirmed the chamber's commitment to engaging with all stakeholders. The objective is to safeguard the interests of the business community and strengthen institutional cooperation for a more resilient economy.
