Bigwigs of trade and industry have congratulated PTI chairman Imran Khan and listed the challenges awaiting would-be Prime Minster and his government, including ever increasing cost of doing business, tariff and shortage of power and gas, sliding down exports, rupee devaluation, high oil prices, law and order and gradual closure of industrial units.
Congratulating him and his party on securing majority in the National Assembly as a result of elections 2018, business community urged Imran and his party members to make efforts to resolve issues of growing economic challenges, including increasing economic slow down and ever increasing cost of manufacturing.
"Peaceful elections are the step forward, leading towards a better and stable Pakistan," said S.M Muneer, patron-in-chief, Korangi Association of Trade & Industry (KATI). He further said that in his first speech after election results, Imran Khan has set some goals, including reduction in cost of doing business and production cost of industry in addition to focus on SMEs sector.
"We hope that the upcoming government of Imran-led party will define a road map to achieve these goals," KATI president Tariq Malik said, stressing that strengthening of trade relations with neighbours, continuing of CPEC, relations with China and long-term economic policy-making top the upcoming government's agenda.
KATI vice president Junaid Naqi reminded Imran Khan that during his election campaign in Karachi, PTI chief had promised to address the complicated problems of the city such as relating to electricity, gas, water and infrastructure which directly disturb the economic activity. He hoped Khan would not delay in sorting out problems as Karachiites have showed their support to him.
President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain said interim government, Election Commission, armed forces, law enforcement agencies and brave Pakistanis deserve congratulations on the well-organized and rigging-free general elections, despite suicide bombings. "Pakistan is currently witnessing the worst economic condition. Trade deficit has reached $38 billion, foreign reserves are at lowest level and inflation is on rise due to devaluation of Pak rupee against US dollar," he said.
Mian Zahid noted that Imran had mentioned many of economic disasters in his first speech after elections and announced measures to resolve problems by development of small and medium sector, establishment of business-friendly environment, collective measures taking business community on board for economic growth, better opportunities for foreign investment, bilateral and better relations with neighboring countries, including China, India, Iran, Afghanistan, Saudi Arabia and most importantly measures for the human development in Pakistan.
He said that with successful elections, political instability came to an end and the stock exchange has climbed to 42,000 points after 3 months and inter bank US$ rate has seen slight stability. Circular debt of the country has crossed Rs1000 billion which needs to be paid off, instantly.
"The public sector enterprises, including PIA, Steel Mill and energy sector are facing losses amounting more than Rs 1.2 trillion and it is a big challenge for the incoming government to restructure and turn them into profitable organizations," PBIF president said, adding that if Imran kept his promises, then no power could be able stop Pakistan from becoming an economically strong Islamic country in the world.
He congratulated PTI for winning in Karachi, Punjab and KP; PML-N for their victory in Punjab and Pakistan People's Party for securing majority in Sindh. He hoped that incoming federal and provincial governments would work together for economic stability of the country. Pakistan Businessmen and Intellectuals Forum and business community assured their full support to the incoming government in all steps to be taken for the betterment of Pakistan and its people.
Business community was of the view that the economy was bleeding due to various challenges and manifold internal and external problems such as law and order situation, energy crises, negative perception of Pakistan around the globe.
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