Daily Times

ISLAMABAD: Pakistan Businessmen and Intellectuals Forum (PBIF) president, AKIA president, FPCCI Businessmen Panel vice chairman and former provincial minister Mian Zahid Hussain on Monday said that economy is stable but some indicators are threatening that should be considered immediately.

Situation of exports, remittances and investment is unsatisfactory while energy availability, forex reserves, inflations and law and order are satisfactory, he said in a statement issued here. He said that all the countries except China are shifting their investments to politically and economically stable destinations which should act as a wakeup call for the policymakers.

He said shifting of investment has been triggered by the tensions between Pakistan and India. He said that government cannot control the remittances as Arab and Gulf countries are observing austerity while it can manage to boost exports and investment for which overall environment should be enabling.

He said exports have failed to pick up due to temporary relief measures, tax breaks and subsidies calling to deep rooted structural reforms. He said red tapes should be reduced and tensions with neighbours should be resolved amicably otherwise both the countries would face heavy losses.

He said increased tensions will push flight of capital and hurt exchange rate while India will have to face considerable losses and masses of the Saarc region will pay the price for it. Escalating tension between Pakistan and India has caused anxiety in the business community of the country’s industrial and commercial hub Karachi and rest of the country, he added.