The business community on Tuesday urged the need for creating conducive environment and maintaining political stability in the country to develop and promote local economy as well as to avert growing risks.
They expressed concerns over the growing risks for the economy and said that according to a report of Ministry of Finance, the escalation of geopolitical tensions and domestic political conditions could hamper the positive outlook for Pakistan’s economy and may also aggravate the macroeconomic imbalances.
Addressing a reception hosted by Muhammad Naveed Malik, they urged all the stakeholders to take stock of this precarious situation and work for promoting political stability in the country which played a fundamental role in setting the pace and direction of the economic development.
Former Senior Vice President, Islamabad Chamber of Commerce and Industry, President ICCI Muhammad Shakeel Munir said that the political stability was one of the key requirements for creating a favorable environment for business and economic activities as it facilitated investments to stimulate economic growth and jobs creation.
He emphasized that all stakeholders should put their heads together and play a role to restore political stability in Pakistan that would improve the confidence of the business community and investors in the economic outlook of the country.
Jamshaid Akhtar Sheikh Senior Vice President and Muhammad Faheem Khan Vice President ICCI said that the economy of Pakistan was already facing great challenges of escalating oil, gas and commodity prices in the international market due to Ukraine crisis, which have a direct impact on business class and the general public. —APP