It’s about time govt put economy on sustainable footing: PBIF chief

KARACHI: Mian Zahid Hussain, President of the Pakistan Businessmen and Intellectuals Forum (PBIF) and All Karachi Industrial Alliance (AKIA) and Chairman of the National Business Group Pakistan (NBG) and the FPCCI Policy Advisory Board, has said that the time has now come for Pakistan to translate its diplomatic achievements into economic prosperity and to resolve the challenges facing the industrial sector through internal reforms, so that the national economy can be placed on a sustainable footing.

He added that the entire Pakistani nation must unite and demonstrate the same level of vision and unity in its economic policies as it had successfully shown on the diplomatic front during difficult circumstances.

He said that the signing of the recent Memorandum of Understanding (MoU) between the United States and Iran was a historic development that had brought the ongoing tensions in the Middle East to a peaceful end.

He said that Pakistan’s key role as a mediator in this agreement was highly commendable and a matter of great pride as it had not only paved new paths for peace in the region but also provided the global economy an opportunity to escape a major crisis.

Mian Zahid Hussain attributed this success to the visionary leadership of Prime Minister Shehbaz Sharif and Field Marshal Syed AsimMunir.

Mian Zahid Hussain said that during the recent escalation, the global economy was under severe pressure due to disruptions in global oil supplies and the closure of maritime routes, with oil prices reaching $120 per barrel at one point.

He pointed out that the closure of the Strait of Hormuz through which 20 percent of the world’s oil passeshad paralyzed global trade, the heaviest toll of which was borne by the developing countries like Pakistan, where soaring energy import costs and fuel shortages had slowed down economic momentum.

He added that the five-point peace formula presented by Pakistan and the hosting of the Islamabad talks during this crisis had proved that Pakistan is the greatest champion of peace and stability in the region.

Mian Zahid Hussain further added that the leadership of Prime Minister Shehbaz Sharif, along with the visionary policies of Field Marshal Syed AsimMunir, played a pivotal role in this achievement.

He noted that the courageous manner in which the Field Marshal visited Iran despite a precarious security situation, and provided the security and strategic backing required to host the dialogue, gave Pakistan’s diplomacy the necessary strength to compel global powers to take Islamabad’s stance seriously.

Mian Zahid Hussain further added that Deputy Prime Minister and Foreign Minister Ishaq Dar and Interior Minister Mohsin Naqvi had also played their fullest role in this agreement, for which history would remember them.

It was the joint vision of the civil and military leadership that provided a secure environment to bring the US and Iranian leaderships to the negotiating table.

This agreement, officially named the “Islamabad Memorandum of Understanding”, provided a strong foundation for a ceasefire between the parties as well as the restoration of maritime trade. Naming the accord after Islamabad is a testament that the world fully acknowledges Pakistan’s strategy and relentless efforts to prevent war.

Mian Zahid Hussain said that the US-Iran understanding would bring stability to global markets and provide Pakistan with the conducive environment required for its economic recovery. He hoped that nonationwould waste this opportunity for peace and would rid the region of conflicts through lasting political solutions.

Copyright Business Recorder, 2026