Rawalpindi
\nRawalpindi Chamber of Commerce and Industry President Usman Shaukat has expressed grave concern over the escalating conflict between Iran and Israel, urging the Government of Pakistan to immediately utilize diplomatic channels to help de-escalate tensions and restore peace in the region.
\n\u201cThe business community strongly urges immediate diplomatic efforts to restore stability. Prolonged conflict will have devastating consequences not only for the region but also for Pakistan\u2019s trade, economy, and overseas workforce,\u201d.
\nIn a statement issued here on behalf of the business community, the RCCI President said that the ongoing war has created widespread uncertainty in global markets.
\nInternational oil prices have surged sharply, increase in logistic cost, posing a serious threat of high inflation for Pakistan\u2019s already fragile economy.
\nHe warned that continued hostilities in the Middle East would severely hamper Pakistan\u2019s trade with the region.
\nBoth exports and critical imports have been disrupted due to the cancellation of flights and suspension of shipping operations. The United Arab Emirates (UAE) remains Pakistan\u2019s second-largest trading partner, while the country relies heavily on oil imports from the Middle East and liquefied natural gas (LNG) from Qatar.
\nUsman Shaukat further highlighted concerns regarding the Strait of Hormuz, recalling earlier warnings by Iran that its closure in the event of war could disrupt global oil supplies.
\nSuch a development would not only destabilize oil-producing economies but also severely impact energy-importing countries like Pakistan.
\nThe RCCI President also expressed serious concern for overseas Pakistanis working in the Middle East, numbering in the millions. Hundreds of thousands are reportedly stranded due to suspended flights, while many Pakistanis currently in Saudi Arabia to perform Umrah require urgent arrangements for safe return. The uncertainty has created anxiety among workers whose remittances are a backbone of Pakistan\u2019s economy.
\nThe business community is in shock, as exports to the Middle East are likely to remain suspended until the conflict subsides. Pakistan\u2019s export sector is already facing stagnation despite the government\u2019s ambitious plan to boost exports to $60 billion within three years. The current regional war not only jeopardizes this target but also threatens to significantly undermine overall export performance.
\nUsman Shaukat emphasized that peace and stability in the Middle East are crucial for Pakistan\u2019s economic survival and growth. He called upon the international community to intervene urgently and pursue dialogue, restraint, and diplomatic engagement to prevent further escalation.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rawalpindi Rawalpindi Chamber of Commerce and Industry President Usman Shaukat has expressed grave concern over the escalating conflict between Iran and Israel, urging the Government of Pakistan to immediately utilize diplomatic channels to help de-escalate tensions and restore peace in the region. \u201cThe business community strongly urges immediate diplomatic efforts to restore stability. Prolonged conflict […]<\/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-534912","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n