Political crisis hurting economy: businesspeople

Trade Development Authority of Pakistan (TDAP) Chief Executive S M Muneer has expressed serious concerns on the postponement of Chinese President Xi Jinping's visit to Pakistan. Speaking at a reception in honour of the members of ECO countries, he said that the country could not afford politics of protests and sit-ins. "The sit-ins in Islamabad are not only damaging the country's image but also hurting its economy," he added.
He said that the postponement of the Chinese President's visit had put on hold an agreement worth $32 billion. He observed that the country was already facing energy crisis and it needed huge investment to boost power generation to meet industrial and domestic needs.
Muneer said that the latest development had upset all peace loving Pakistanis, who had high hopes from the visit of the high-level delegation led by the Chinese President. He said that the ongoing political crisis had given rise to worries and apprehensions among the businesspeople. "The situation might result in jeopardising Pakistan's exports and the neighbouring countries could take advantage of it," he added.
He said that the political crisis was causing serious damages to the national economy and it had become necessary for all the stakeholders to shun their differences and resolve the issue at the earliest. He strongly emphasised that the economic and foreign relations should not be affected by political tussle. Muneer further said that the volume of trade between ECO countries was only 7 percent, whereas the region was full of natural resources.
Speaking on the occasion, Federation of Pakistan Chambers of Commerce and Industries (FPCCI) President Zakaria Usman said that the postponement of the Chinese President's visit was a setback to economic development and retardation of ongoing projects in various fields. He further said that the country could take benefits of land routes from Chitral to Tajikistan, which was just two hours journey.
Korangi Association of Trade and Industry (KATI) President Syed Farukh Mazhar also expressed concern on the postponement of the Chinese President's visit and requested that the decision might be reviewed to set good example of Pak-China friendship. All Karachi Industrial Alliance (AKIA) President Mian Zahid Hussain said that the President and Prime Minister should use diplomatic channels to address security concerns of the Chinese delegation. He said that the leader of political parties should play their positive role in reviving the confidence of the investors.