business community for focusing on political stability to turn around the economy

Islamabad Chamber of Commerce and Industry has called upon the government as well as all the political leaders of the country to adopt a reconciliatory approach and settle political disputes through dialogue for establishing consistent political stability in the country, which was essential requirement for turning around the economy and achieving sustainable economic growth.

Muhammad Shakeel Munir, Acting President, Islamabad Chamber of Commerce & Industry said that the prevailing uncertain political environment was casting negative impact on business and economic activities and stressed that all stakeholders should realize the gravity of the situation and make sincere efforts to bring stability in the country, which would help in steering the country out of economic problems.

He said many sectors of Pakistan’s economy were in dire need of investment to realize full potential of growth but due to the ongoing political instability, investors were reluctant to invest in our country despite availability of numerous investment opportunities. Resultantly the local and foreign investment was on the decline while the major sectors of large-scale manufacturing (LSM) have achieved reduced growth rate.

He said China has committed to invest $42 billion in Pakistan, but he was afraid that with current unstable business environment, many Chinese investors would think twice before investing in Pakistan. He said Pakistan has the potential to attract lot more Chinese investment as during 2013, China’s total FDI outflow was 64.1 billion dollars, but the Chinese inflow into Pakistan has been considerably less due to lack of stable conditions.

Shakeel Munir said that trade and industry needed a healthy environment to grow without hindrance and emphasized that all stakeholders should rise above their vested interests and work on a consensus policy to resolve problems peacefully and to build image of Pakistan in order to make it an investment friendly country so that business and investment activities could flourish smoothly and economy could achieve sustainable growth.