ANL 10.41 Decreased By ▼ -0.73 (-6.55%)
ASC 9.21 Decreased By ▼ -0.34 (-3.56%)
ASL 11.77 Decreased By ▼ -0.88 (-6.96%)
AVN 76.05 Decreased By ▼ -2.65 (-3.37%)
BOP 5.49 Decreased By ▼ -0.19 (-3.35%)
CNERGY 5.37 Decreased By ▼ -0.41 (-7.09%)
FFL 6.71 Decreased By ▼ -0.29 (-4.14%)
FNEL 5.93 Decreased By ▼ -0.23 (-3.73%)
GGGL 11.30 Decreased By ▼ -0.80 (-6.61%)
GGL 16.50 Decreased By ▼ -1.30 (-7.3%)
GTECH 8.53 Decreased By ▼ -0.63 (-6.88%)
HUMNL 7.22 Decreased By ▼ -0.38 (-5%)
KEL 2.87 Increased By ▲ 0.03 (1.06%)
KOSM 3.10 Decreased By ▼ -0.18 (-5.49%)
MLCF 25.99 Decreased By ▼ -1.81 (-6.51%)
PACE 3.15 Decreased By ▼ -0.13 (-3.96%)
PIBTL 6.04 Decreased By ▼ -0.45 (-6.93%)
PRL 18.15 Decreased By ▼ -1.36 (-6.97%)
PTC 7.01 Decreased By ▼ -0.22 (-3.04%)
SILK 1.17 Decreased By ▼ -0.09 (-7.14%)
SNGP 33.25 Decreased By ▼ -0.60 (-1.77%)
TELE 11.12 Decreased By ▼ -0.45 (-3.89%)
TPL 9.22 Decreased By ▼ -0.82 (-8.17%)
TPLP 20.17 Decreased By ▼ -1.44 (-6.66%)
TREET 28.70 Decreased By ▼ -1.50 (-4.97%)
TRG 75.75 Decreased By ▼ -2.45 (-3.13%)
UNITY 20.28 Decreased By ▼ -0.91 (-4.29%)
WAVES 12.60 Decreased By ▼ -0.88 (-6.53%)
WTL 1.45 Decreased By ▼ -0.02 (-1.36%)
YOUW 4.75 Decreased By ▼ -0.35 (-6.86%)
BR100 4,083 Decreased By -179.3 (-4.21%)
BR30 14,985 Decreased By -647.2 (-4.14%)
KSE100 41,052 Decreased By -1665.2 (-3.9%)
KSE30 15,662 Decreased By -690.8 (-4.22%)

KARACHI: Chairman of the Businessmen Group (BMG) and former president of the Karachi Chamber of Commerce and Industry Zubair Motiwala has said the never-ending tussle between political parties has created a disastrous situation for the economy, which is already in an awful state, and the community of businessmen and industrialists fears the situation would worsen further if the parties do not realise soon the gravity of the situation.

In a statement, he pointed out that widespread dissemination of information about the tussle through the mainstream and social media is sending a very negative message to the rest of the world by portraying Pakistan as an extremely unstable country, which is neither in favour of the country nor in favour of the parties themselves.

The ‘political war’ is the only thing visible nowadays in the mainstream and social media while the pressing economic issues are being ignored, which has led to a deep crisis. “All of us must realise that our existence depends on Pakistan’s existence,” said the BMG chief.

“Therefore,” he said, “political differences must be set aside and all political parties must make collective efforts to bring the economy out of the crisis,” Zubair Motiwala said, adding that the parties must jointly devise and agree upon the much-needed ‘Charter of Economy’ that the Karachi chamber has been demanding since long.

He said that regardless of the political differences, the economic policies once agreed upon and implemented under the Charter of Economy must remain intact and all the parties must be on the same page so far as the economy is concerned.

“Instead of politics, the economy has to lead the country at any cost; so all the political parties must exhibit patience and implement the steps that are in favour of Pakistan and its economy.”

He said the worsening state of Pakistan’s economy is likely to terribly affect exports as under the prevailing circumstances foreign buyers will be reluctant to place any order keeping in view the overall political and economic instability that may delay export shipments.

He pointed out that the rupee has depreciated to its lowest level in Pakistan’s history while the banks are neither retiring nor accepting any documents as they claim they don’t have dollars, which is creating a very disturbing scenario that might bring down the morale and confidence of the business community.

“The business community is of the view that the entire mess has been created by political instability and that the economy is not that bad as exports have marked an increase of 24 percent as compared to last year,” said Zubair Motiwala.

He further said that critical remarks directed at political parties as well as national institutions serve to undermine the confidence of the business community at home as well as potential buyers of Pakistani goods abroad.

“If all the political parties do not realise this, the scenario looks pessimistic and could deteriorate further. Therefore, it is our appeal that the economy must be segregated from political issues and things need to be brought back to normal in order to save the economy of Pakistan,” he said.

“Saving the economy of Pakistan would be like saving Pakistan,” he added.

Copyright Business Recorder, 2022

Comments

Comments are closed.