Economic disaster: BMG, KCCI urge all institutions, stakeholders to sit down together

KARACHI: The leadership of Businessmen Group (BMG) and Karachi Chamber of Commerce & Industry (KCCI) while expressing complete discontent over the ongoing political instability which was having a terrible impact on the country’s already ailing economy and depleting exports, urged all institutions and the stakeholders to sit down together without any egoism for the sake of the country and everyone including the political parties, judiciary and the establishment must be on the same page so that our beloved country could be saved from plunging into further economic disaster.

In a joint meeting of Businessmen Group Zubair Motiwala, Vice Chairman BMG Tahir Khaliq, Haroon Farooki, Anjum Nisar, Jawed Bilwani, General Secretary BMG AQ Khali, President KCCI Tariq Yousuf, Senior Vice President Touseef Ahmed and Vice President Haris Agar said that being patriotic citizens, they were ready to play a part in dealing with the ongoing political and economic crises by sitting together with all stakeholders and talking separately with all of them so that the political tension could be diluted and the situation normalizes at the earliest possible time which was the need of the hour.

Innumerable things were actually threatening Pakistan and its trade so it was high time that every stakeholder should understand that the survival of Pakistan depends on the survival of economy, they added while underscoring the need to take everything under control.

They informed that many exporters, while expressing deep concerns over the most awful state of economy, have been constantly complaining that around 20 to 50 percent of the export orders have shifted to regional competitors on the grounds that Pakistani exporters will not be able to deliver their consignments as per agreed timeline due to instable situation.

They cautioned the government that today the biggest challenge was the widening Current Account deficit which would further widen if the house was not put in order and the ongoing political and economic crises stand unaddressed.

There were ways and means for Pakistan’s economic survival even without IMF programme but for that to happen, drastic steps were needed, of which the most important step would be to make sure that the exports increase at any cost.

They also mentioned that as a result of IMF dialogue with the government, many steps were taken which resulted in enhancement in cost of manufacturing and cost of doing business which need to be reversed to bring down the cost of products which would enable the exporters to start competing with regional competitors in the international markets.

The BMG and KCCI leadership said that the Karachi Chamber, which was responsible for 54 percent of Pakistan’s exports and 68 percent of the country’s revenue collection, wants to tell the government that the overall situation has gone far beyond expectations and it was the business community’s common understanding that political instability brings economic instability, therefore, drastic steps have to be taken on war footing basis by all the institutions and stakeholders so that the ongoing political instability could be brought to an end in the larger interest of the country.

Copyright Business Recorder, 2023