Political confrontation to damage economy; Fears traders

ISLAMABAD, Aug 8 (INP): Islamabad Chamber of Commerce & Industry has showed great concern over the rising political instability as it will affect the business activities and hurt the overall economy.

Muhammad Ali Mirza, Acting President, Islamabad Chamber of Commerce & Industry said the country could not afford political instability and called upon all the political leaders to rise above their vested interests and put their heads together for defusing the prevailing tension. He said due to terrorism, law & order situation and energy crisis, our economy is already in trouble while any confrontation will push the country towards further downfall.

He said businessmen of federal capital have already suffered huge losses due to political sit-ins & marches and they will suffer more due to forthcoming Azadi March. He said as per Economic Survey 2013-14, economic of Pakistan has already a loss of more than US$ 102 billion due to war on terror and if the country was pushed to further instability, it will prove destructive for the nation.

Muhammad Ali Mirza said Pakistan needs to grow at the rate of 7 to 10 percent per annum to come out of the group of low income countries, but was afraid that the circumstances like the prevailing confrontation will create more challenges for the country.

He said political stability is the key for economic stability as no nation could achieve better economic growth in an environment of instability. He said due to rising political tension, investors would not come to Pakistan, trade and industry would badly suffer, internal and external threats would increase and anti-state elements would exploit the situation to further weaken the country.

He said our neighbors China and India are making sound economic progress and if we could not set our own house in order, we will be left far behind economically.

He said our brave armed forces are engaged to eliminate the terrorism while the country has to rehabilitate the IDPs and Pakistan needs stable government to cope with these challenges.

He called upon all the political leaders to realize the sensitivity of the situation and come forward to play their positive role in defusing the tense situation in order to establish political stability in the country so that business community could focus on promoting business activities and economy could move towards improvement.

 

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