Political stability, democracy must for country's economic development: Iftikhar Malik

Vice President SAARC Chamber of Commerce and Industry, Chairman United Business Group (UBG) and veteran trade leader Iftikhar Ali Malik has said that political stability studded uninterrupted continuity of democratic system of government laced with better law and order is a pre requisite for durable economic growth and development of the country in the prevailing global scenario to offset the hovering threat and future fiscal challenges.
He stated while chairing a round table conference on "Durable Political Stability Must for Sound Economy" organized by Institute of Business Administration here on Tuesday. Iftikhar Ali Malik said that the country was passing through a critical phase of its history in the wake of war against terror which, he added, warranted stable democracy and continuous healthy economic growth.
He said the current political instability is badly hampering the national economy and discouraging foreign investors, which makes Pakistan an even more precarious place to invest. He said ever since the investigation on Panama Papers scandal began, the market took a dip of 17 percent. The KSE-100 had already seen a lot of volatility this year, partly due to the listing of Pakistan Stock Exchange (PSX) in the MSCI Emerging Markets Index.
The chairman UBG said our exports are dropping like a stone and Pakistan's trade deficit has knocked a record level of $30 billion in 2016-17, demonstrating a jump of 42 percent as compared to the last financial year. Exports have declined by 3 percent to $18.5 billion while imports have gone up by 21 percent to $48.5 billion.
Iftikhar Ali Malik urged the leaders of all political parties to help strengthen democratic system in the national interest by burying their political differences. He added that political stability was a key factor worldwide for economic development and restoring confidence of foreign and local investors. He said that in the international scenario, only such countries would survive in days to come which had a strong economic base.
The business leader said political stability was mandatory for sound economy. He said foreign investment from multinational companies and private sectors would only pour in the country if democratic institutions were strengthened and a peaceful atmosphere prevailed.
Iftikhar Ali Malik said it was high time that mainstream political parties in the corridor of the power and opposition must demonstrate their responsibility, tolerance and uphold the decent democratic values and norms in their ranks.
He said that if international disputes could be settled down through negotiations and parleys, why not political issues could be solved amicably in Pakistan. He said Pakistan is blessed with plenty of indigenous natural resources and mineral deposits. He said national economy is now in dire need of full support from stable democratic institutions.