Business community has expressed grave concern over continued violence in Karachi in which precious lives are being lost everyday. The law and order situation in Karachi has become Pakistan's biggest issue, they said adding that current situation was a matter of grave concern for the business community; therefore, the government must take immediate steps to ensure protection of life and property of citizens.
The Lahore Chamber of Commerce and Industry (LCCI) has urged the Prime Minister Syed Yousuf Raza Gilani to convene roundtable of political and business leaders for evolving a joint strategy aimed at stabilising economy and defusing tension prevailing in different parts of the country, particularly in Karachi.
President LCCI, Shahzad Ali Malik, Senior Vice-President, Sheikh Mohammad Arshad and Vice-President Sohail Azhar said that bloodshed in Karachi was a matter of grave concern for the business community, as it was the most important business hub of the country that generates 68 per cent of total revenues and its share in the GDP was 25 percent. "Undoubtedly, the law and order situation was the biggest issue that had taken the economy hostage besides a number of other internal and external challenges. Unless and until a concrete, comprehensive and foolproof strategy was evolved any good to the economy would be day-dreaming," they said.
The LCCI office-bearers asked the government to reset its priorities as far as the trade and industry was concerned. "Look at the existing business scenario, there was an acute shortage of electricity and gas, skilled manpower is non-existent, inputs are costlier, the equity is the most expensive and the graph of unemployment was going up with every passing day. It means that Pakistan is fast attaining the status of a trading hub instead of a manufacturing place," they said, adding, "In these circumstances, who would be putting his hard earned money in any new business venture," they said.
They were of the view that the government, after having consultation with the business community, would have to focus on two key areas in the first phase of its economic revival strategy. If the law and order situation was under control and electricity was available to the trade and industry round-the-clock, not only the local investors would get encouragement but foreign investors would also be ready to initiate joint ventures with their Pakistani counterparts. More jobs would be available for the youth and unemployed people.
The LCCI office-bearers said that cut in mark-up rate was equally important to keep Pakistani merchandise competitive in the global market. They said that rate of mark-up prevalent in a number of developing and developed countries was enough to make the point that State Bank of Pakistan would have to revisit its mark-up policy to bring it down to single digit.
The leaders of Pakistan Industrial and Traders Association Front (PIAF) have expressed deep concern over target killings in Karachi and urged the government to take immediate measures to overcome the situation and curb the menace of terrorism. Chairman PIAF, Irfan Qaiser Sheikh, Vice-Chairmen Iqbal Baig Chughtai, Shahzeb Akram and former President LCCI, Mian Anjum Nisar said that people were feeling insecure as dozens of innocent people were being killed everyday.
They said that terrorism has forced the Karachi businessmen to close down their businesses while stock market has decreased sharply. They said that national economy was facing loss of billions of rupees almost daily. They said that despite heavy loss of human lives government has not evolved a comprehensive plan to stop targeted killings. The political parties were busy in blame game while terrorists were openly playing their ugly games, they added.