‘Political stability is a must for economic stability’

LAHORE: “Political stability is a must for economic stability of the country and all segments of society would have to play their role for this national cause.” These views were expressed by the former parliamentarian and Naib Ameer Jamat-e- Islami Liaquat Baloch at a dinner hosted in honor of LCCI Executive Committee.

There was an in-depth exchange of ideas concerning a wide array of national issues with a particular focus on trade, industrial growth, Pakistan’s economic challenges and the ongoing political instability that has impacted the country’s development.

Former LCCI EC member Arshad Chaudhry, Chairman Pakistan Vetenary Pharmacuticals Association Dr Asim Mahmood, Chairman Pakistan Meat Exporters Association Mian Abdul Hanan, Chaudhry Mohsin Bashir, Asim Shafiq Sheikh, Ijaz Tanvir, Zulfiqar Bhatti also spoke on the occasion.

There was a long discussion between LCCI Senior Vice President Engineer Khalid Usman and Liaquat Baloch as they explored ways to revive Pakistan’s ailing economy. Both leaders recognized the critical need for coordinated efforts from both the public and private sectors to address the nation’s financial struggles.

Liaquat Baloch said that the private sector plays a pivotal role in Pakistan’s economic recovery and long-term prosperity. He underscored the importance of creating an environment where businesses could thrive without being stifled by bureaucratic inefficiencies and economic instability.

“The business community is the backbone of our economy. Ensuring their growth and providing them with the necessary support will be key to driving the nation’s economic revival,” he added.

Addressing Key Economic Obstacles and Urging Comprehensive Reforms

Engineer Khalid Usman highlighted several critical obstacles currently hindering Pakistan’s industrial growth. Among these were recurring energy shortages, outdated taxation systems, and inconsistent government policies, all of which create a hostile environment for business expansion. He stressed the urgent need for wide-reaching reforms in these areas to foster a more business-friendly climate and to make the country more attractive to both local and foreign investors.

“The challenges faced by the business sector are not only hindering economic growth but are also undermining investor confidence. For Pakistan to experience sustainable economic progress, we must address the systemic issues within our policies, especially those affecting trade, exports, and industrial production,” Engineer Usman stated.

Both leaders agreed on the necessity of policies that would encourage exports, improve the ease of doing business, and address supply chain bottlenecks that are affecting industrial output.

A central theme during the discussions was the profound impact of political instability on Pakistan’s economic development. Liaquat Baloch expressed his concern that the ongoing political discord within the country is a major impediment to economic progress. He emphasized that political unity and stability are indispensable for the effective resolution of national challenges and the creation of a conducive environment for business.

“Political stability is not just a political necessity, it is a precondition for economic stability. In times of political uncertainty, investors hesitate, and businesses struggle to operate with confidence. For the economy to grow, we need to see greater cooperation among political factions,” Liaquat Baloch stated. Both the leaders agreed that without political harmony, it would be extremely difficult for Pakistan to achieve its long-term economic goals.

They also discussed the role of government in ensuring political stability and the need for leaders across all parties to work together to create a sustainable economic future for the country.

The LCCI Executive Committee members advocated for pro-business policies and fostering greater dialogue between the government and the private sector. They expressed optimism that continued discussions with political leaders would pave the way for addressing the business community’s concerns and finding solutions that could lead to broader economic prosperity.

The LCCI members also discussed the potential for greater collaboration between the business and political sectors in identifying key areas for investment and development, with the aim of boosting industrial growth and creating more job opportunities for Pakistan’s growing workforce.

The dinner not only served as a critical opportunity to discuss pressing economic and political issues but also reaffirmed a shared vision for Pakistan’s future. Both Liaquat Baloch and Engineer Khalid Usman voiced their dedication to working together to foster a more resilient and dynamic economy. They stressed that a long-term approach, focusing on collaboration and unity between political and business leaders, is essential to overcoming the current challenges.

Copyright Business Recorder, 2024