A renewed wave of sectarian violence has scaled down trade and business activities by nearly 50 percent during the last one week, as traders fear the breaking of the just-established peace in the metropolis could yield disastrous results for the national economy.
Besides, the trend of extortionism has also grown with violent attacks on traders across the city, which left the local businessmen undecided whether they should inject fresh investments into the existing business set-ups, said Chairman All Karachi Tajir Ittehad, Muhammad Atiq Mir on Monday.
He said the country's political uncertainty had also contributed in the declining trend of investment in the city's markets, which made every investors hold up their capital until a greater opportunity with better government's policies could emerge. "It seems the peace was established in the city with difficulties, and it proves now fragile and artificial, as fresh wave of target killings has claimed many lives and spread fears all around," he said.
The security situation in the city has again become deteriorated because of police failed carry out a co-ordinated effort to clamp down on the terrorists while the Sindh Home Department was unwilling to share its policies with stakeholders including traders to maintain peace.
"Sindh Home Minister, Manzoor Wasan, is in a deep slumber and needs further rest," he criticised, saying the minister had yet to hold meetings with traders to chalk out a security plan in markets to restore the confidence of businessmen community. The fresh incident of a cracker-bomb hurling at traders in Liaquatabad last week was the clear indication how the government is indifferent to the peace and stability of the city and its trade, he said, adding police had also lost its faith in itself because of mounting political pressures and interventions in their affairs.
"The Liaquatabad terrorist attacks left three traders injured because they had no security inside the markets," he said and added that at least one trader had to pay Rs 2-3 lakh to outlaws. Atiq Mir said the extortionism was a greater menace, which reduced trade activities significantly, as traders on refusal were violently targeted only because of the police had resigned to take action against the outlaws.
"Trade activities in the last one week shrank by 50 percent because of the sectarian violence," he said, adding that local businessmen are less interested to invest further capital in the existing businesses for fears of their violence. He said the government has to take now "extra-ordinary" steps to clamp down on the outlaws of extortionism and sectarian violence in the city to restore peace to the city.