Political stability must for economic revival, say KCCI leaders

Amid a record stock market rally, receding food inflation, low current account deficit and improving foreign investment, trade and industry leaders have expressed concerns that the rising political uncertainty, deteriorating security situation and high cost of doing business are forcing local industrialists to switch over their businesses to foreign countries. They urged the government and the political parties to settle their lingering disputes. Otherwise, the flight of capital will cost local jobs and future investment. Karachi Chamber of Commerce and Industry (KCCI) President Mohammad Jawed Bilwani said the political turmoil has shaken the confidence of local business people and foreign investors, who have also lost hope that the political crisis will ever be over. “After getting fed up with political uncertainty and economic issues, it is alarming that many businessmen are leaving Pakistan to set up their ventures abroad, thanks to a pleasant working environment with an uninterrupted supply of power, gas, water, etc.,” he said.