The Leadership of Businessmen Group (BMG) and Karachi Chamber of Commerce & Industry (KCCI) Monday expressed their deep dissatisfaction with the ongoing political instability, which is severely impacting the country’s already struggling economy and declining exports.
They are calling upon all institutions and stakeholders to set aside egoism and come together for the sake of the nation. The business leaders believe that political parties, the judiciary, and the establishment must be on the same page to prevent further economic disaster.
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In a joint statement, Chairman of Businessmen Group, Zubair Motiwala, Vice Chairman Tahir Khaliq, Haroon Farooki, Anjum Nisar, Jawed Bilwani, General Secretary AQ Khali, President of KCCI Tariq Yousuf, Senior Vice President Touseef Ahmed, and Vice President Haris Agar have expressed their willingness to play a role in dealing with the ongoing political and economic crises.
They propose engaging with all stakeholders separately to alleviate political tensions and normalize the situation as soon as possible, as it is the need of the hour. The business leaders stress that various factors are posing threats to Pakistan and its trade, emphasizing the importance of bringing everything under control.
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The leaders have received numerous complaints from exporters, who express deep concerns about the dire state of the economy. These exporters fear losing export orders to regional competitors due to the perceived inability of Pakistani exporters to deliver consignments on time amidst the unstable situation.
The government is cautioned that the widening Current Account deficit poses the biggest challenge. To address this issue and the ongoing political and economic crises, the leaders believe that drastic steps must be taken. They emphasize that Pakistan’s economic survival is possible even without an IMF program, but it requires a significant increase in exports. They suggest identifying effective means and implementing them in consultation with the business and industrial community.
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Furthermore, the leaders mention that the dialogue between the government and the IMF has resulted in increased manufacturing and business costs. They urge the reversal of these measures to reduce product costs and enable exporters to compete in international markets.
The BMG and KCCI leadership stress that the Karachi Chamber, responsible for 54 percent of Pakistan’s exports and 68 percent of the country’s revenue collection, wants the government to understand the gravity of the situation. They believe that political instability leads to economic instability and, therefore, immediate and decisive action is necessary from all institutions and stakeholders.
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They warn that remaining entangled in political disputes will only bring disaster and may even push the country to a point of no return. It is crucial for all stakeholders to grasp the seriousness of the situation and take patriotic steps to save the nation. The business leaders stand in solidarity with the country, emphasizing that our survival is directly linked to the survival of the country.
