The business community on Tuesday stressed the need to create an enabling environment and maintain political stability in the country to develop and promote the local economy as well as avert rising risks.
ISLAMABAD, (UrduPoint/Pakistan Point News – March 29, 2022): The business community on Tuesday stressed the need to create an enabling environment and maintain political stability in the country to develop and promote the local economy as well as to avoid growing risks. They expressed concern about the growing risks to the economy and said that according to a Finance Ministry report, escalating geopolitical tensions and domestic political conditions could hamper the positive outlook for the Pakistani economy and could also aggravate macroeconomic imbalances.
Addressing a reception hosted by Muhammad Naveed Malik, they urged all stakeholders to take stock of this precarious situation and work towards promoting political stability in the country which has played a fundamental role in determining the pace and direction of economic development.
Former Senior Vice President of Islamabad Chamber of Commerce and Industry, ICCI President Muhammad Shakeel Munir said political stability is one of the key conditions for creating an enabling environment for business and economic activities , as it facilitated investment to stimulate economic growth and job creation.
He stressed that all stakeholders should come together and play a role in restoring political stability in Pakistan, which would improve business and investor confidence in the country’s economic prospects.
Senior Vice President Jamshaid Akhtar Sheikh and Vice President Muhammad Faheem Khan ICCI said Pakistan’s economy is already facing big challenges from escalating oil, gas and commodity prices on the global market. international market due to the Ukrainian crisis, which has a direct impact on business class and the general public. They said growing political instability will slow the pace of business activities and further affect the growth of the economy.
They stressed that restoring political stability should be the top priority of all stakeholders to promote a business-friendly environment and revive the economy.