KARACHI
\nChairman Businessmen Group (BMG) & former president of Karachi Chamber of Commerce & Industry (KCCI) M Zubair Motiwala has stated that the entire business and industrial community is perturbed over the recent political developments.
\nIn a statement issued on Monday, Motiwala while expressing deep concerns over the ongoing political crises that led to dissolution of the National Assembly, said that the economy is already in a fragile state due to devaluation of currency, descending reserves, rising commodity prices, widening current account and fiscal deficits; therefore, these political crises must not be stretched for a longer period and be resolved at the earliest with a view to save the economy from further woes.
\n\u201cThe exports of Karachi city, which stood at 54 percent last year, have now descended to 50 percent as the lawmakers, who mostly remained busy dealing with the opposition all the time, hardly have any time to look into and resolve the gas issue being suffered by the industries of Karachi that has caused 4 percent reduction in exports this year,\u201d Motiwala said, adding that similar is the situation in case of other economic indicators which have also been drifting downward due to political uncertainty and the lack of attention.
\nHe said that the business community is gravely perturbed at this uncertain situation as the businesses are at a standstill, customers have disappeared from the markets and traders are facing serious liquidity crunch.
\nHe stressed that people at the helm of the affairs must realise that the political issues were terribly hurting the economy so these have to be tackled prudently at the earliest otherwise, there is a fear that the already ailing economy would face more challenges and all the efforts made to somehow keep the economy afloat would go wasted.
\nThe chairman BMG said that the Karachi Chamber has always rightly demanded from the governments from time to time to introduce and strictly implement a \u2018charter of economy\u2019 duly agreed by all political parties of the country but unfortunately, this legitimate demand was never taken into consideration which was the reason for all the economic ills being faced by the country.
\n\u201cConsistency in the government policies and a clear roadmap to move forward which is devised through the Charter of Economy, are the key factors leading to progress, prosperity and development which can only be achieved through the Charter of Economy,\u201d he added.
\nHe said that the country is in dire need of a charter of economy or road-map, developed in consultation with the business and industrial community and endorsed by all political parties. \u201cWe hope that the political crises are amicably resolved at the earliest and the Charter of Economy, which is the need of the hour, is also introduced and implemented in the larger interest of the country as any delay is going to prove very harmful for the economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Chairman Businessmen Group (BMG) & former president of Karachi Chamber of Commerce & Industry (KCCI) M Zubair Motiwala has stated that the entire business and industrial community is perturbed over the recent political developments. In a statement issued on Monday, Motiwala while expressing deep concerns over the ongoing political crises that led to dissolution […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-253074","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n