KARACHI, Oct 31: A group of business executives from multinationals and local companies expressed their determination on Wednesday to convert the present crisis situation into opportunities for Pakistan.

“Pakistan has resiliently met the most tough time of its history when there were more than 150 sanctions imposed by the US and other countries”, Qazi Sajid, president, Pakistan Chapter of International Personnel Management Association (IPMA), said in his opening remarks of the meeting on Wednesday afternoon.

“The US has lifted all sanctions, the EU is offering a concessional package, Japan and many other countries are coming out with generous offers”, he said while pointing out that how the multinationals in Pakistan operated in coordination and collaboration with each other and with the government of the day in ‘times of distress’.

All these funds are being promised not only for expansion of trade and industry but also to improve judicial system, implement police reforms and make social sectors more effective than what they are now. “It is an integrated approach for the first time that should lead to a qualitative and quantitative improvement in the domestic market and to give civil society a shape”, he said.

The IPMA is an international body that functions in more than 50 countries of the world and focuses on human resource development in the corporate sector. Its Pakistan chapter was launched only a few months ago. It held its meeting on Wednesday to take stock of the situation arising out from September 11 attack in the US and subsequent air raids on Afghanistan.

Mohammad Arshad Qaim Khani of a leading private insurance company spoke on the pressures on insurance business from war risk surcharges. He also mentioned anthrax phobia which, too, has hit the insurance industry.

Khwaja Matin of pharmaceutical sector highlighted the problems being faced by what he said “quality conscious and organized pharma sector” in wake of growing competition from the upcoming new companies.

“There is no price control on inputs but the government has put tight control on the output”, he said while trying to emphasise that pharmaceutical sector depends on the price factor decided entirely by the government. While there was an all round optimism, certain reservations were expressed if “the war prolonged”. “We are already divided and a prolong war will deepen this division”, a participant feared.

Qazi Sajid endorsed the view that all is not well but urged his colleagues to ponder on the factors that dispersed the protesters, who occupied Karakuram Highway for six days.

“Eventually, it was the desire to let the food and other essential items to reach the people, which persuaded the protesters to disperse”, he argued.

Whatever one says about Pakistan, the fact is that all Muslims live together. There are also many non-Muslims, who live and work with Muslims in all parts of the country. “One can’t help condemning the violence against certain category of people but then one cannot overlook that all these people still live together and there is no tension as such among them”, he said.

Participants were of the view that Pakistan’s exports face some problems. These problems need to be addressed by the government as well as the business itself.

“The EU package offers a lucrative opportunity to the textile to restructure itself and go for capturing market”, one of the business executive said. Another participant said that about 500 to 600 million dollars had already been invested in textile to modernise and restructure. The EU package spread over next four years offer further opportunities to re-shape textile industry to the needs of European and US markets.