HYDERABAD: President Hyderabad Chamber of Commerce and Industry (HCCI) Adeel Siddiqui has said that Pakistan is inching towards economic stability after recent economic downturn. He emphasized the need for making Pakistan’s political model democratic in real terms in which check and balance principle should be given priority for any legislation.

In a statement issued here Tuesday he said that direct foreign investment stood at $1455m in 2022-23 but during caretaker regime and efforts of Special Investment Facilitation Council (SIFC), it stood at $1066m in six months period. He said that decline in foreign exchange reserves was controlled to ease pressure on business community although foreign exchange had dropped to $9bn.

He said, now these reserves are $13.256bn and Pakistan rupee had gained ground against US dollar. He said that prospects to extricate Pakistan out of economic crisis thanks to billions of rupees investment. He said Pakistan was witnessing electoral activities but unfortunately no political party is offering solution to economic crisis and voters’ confusion had increased.

HCCI Chief foresees a big challenge for new elected government in shape of increasing debt and fiscal deficit. He said that constant up down in foreign exchange reserves ratio had caused a situation of uncertainty but caretaker government somehow smartly pulled the country out of crisis. He wondered whether new government would be able to ensure continuity of caretaker government’s policies.

President HCCI said industrial progress and export competition basic structure and planning should be focused. He said that concepts are changing fast in current situation and added wars were now being fought in communication and economic fronts instead of battleground. He said that strong economy could make any country super power. He said check and balance mechanism should be put in place for important position by making Pakistani model of politics democratic.

Copyright Business Recorder, 2024