POLITICAL UNCERTAINTY IN THE COUNTRY BADLY AFFECTING BUSINESS ACTIVITIES – PRESIDENT ICCI

Political uncertainty and polarized conditions are putting highly negative impact on the business and investment activities in the country and many investors are moving their capital out of the country to safe destinations, therefore, government should pay urgent attention to tackle all burning issues on priority to ensure political and economic stability in the country. These views were expressed by the President, Islamabad Chamber of Commerce and Industry, Muhammad Ijaz Abbasi while commenting on uncertain political situation in the country which is entailing negative effects creating great concerns in businessmen and investors.

ICCI President said no businessman or investor can afford to come to a country plagued with political instability and economic problems and stressed for the need of taking immediate steps to bring stability and normalization in the country by seeking resolution of all those issues which are the main cause of current volatile situation in Pakistan. He said Pakistan is confronting many big challenges like rising inflation, unemployment, poverty, terrorism etc. which are affecting economic activities in the country as all economic indicators are showing decline including stock poor performance of stock exchange. He said to cope with these challenges, Pakistan badly needs the promotion and growth of business and investment activities in the country to provide cushion to the struggling economy, but without creating a peaceful and stable environment, achievement of these objectives seems to be a far cry. Therefore, he called upon the government to realize the gravity of situation and take urgent remedial measures to arrest the downward slide of the country.

Speaking about the problems being faced by the businessmen and industrialists, Muhammad Ijaz Abbasi said that due to spiking electricity, gas and oil prices, cost of doing business has gone up tremendously in the country due to which business community is finding itself at disadvantage. He said hike in production cost has made our products more uncompetitive in the international market due to which our exports are on the decline which is very discouraging for business community and investors. He said this trend will prove harmful for the economy and emphasized upon the government to take steps to bring down cost of doing business in Pakistan by lowering power tariffs and reducing oil prices. He said oil prices in international market have come down from US$ 147 per barrel to US$ 117 per barrel and urged upon the government to immediately pass on this benefit to the general public by bringing down oil prices in the country.

Expressing his views about recent flood situation in the country, ICCI President said many people have been killed and large number of houses as well as live stock has been washed away by floods while no tangible relief measures have been taken for the flood affectees and called upon the government to provide urgent relief to flood affectees. He said safety of people lives and property should be the top priority of government but unfortunately other issues have taken precedence over public welfare initiatives and stressed that government should pay urgent attention to people problems for which people have mandated the government.