KARACHI, June 28: Businessmen expressed optimism over the economic prospects in view of Shaukat Aziz's nomination as prime minister after Chaudhry Shujaat Hussain, who accepted the responsibility for a limited time period. They, however, were little apprehensive of the fact that the leader-in-waiting lacks political background.

Businessmen think if Shaukat Aziz, enjoying high profile image as a financial manager, who transformed Pakistan from a bankrupt country into high growth economy, is given free hand by politicians everything on the economic front will further improve.

Meanwhile, political analysts think that Shaukat Aziz, having no political backing and background, currently enjoys full support of president General Pervaiz Musharraf but the new PM may face problems when Musharraf will no more be in the army uniform after December as the opposition leaders have been continuously demanding Musharraf to give up military uniform.

In this situation, it is difficult to assess the longevity and sustainability of the proposed arrangement. Many analysts consider appointment of Shaukat Aziz as a step in right direction not only to strengthen the democratic process but to bring about economic stability in the country They give the example of new Indian prime minister, Manmohan Singh who was also famous for his economic reforms.

The chairman, Site Association of Industry, Mohammad Nisar Sheikhani thinks there is only one point that may create some problem that he is not a politician, otherwise business community has confidence in his skills.

Being a modern Muslim, Site chief said, his appointment as new PM in future would give a positive signal to the Western investors particularly Americans. However, law and order was still a prerequisite for the foreign investment besides other issues like security, justice, transparency and accountability. Much would depend on how the new premier tackles these issues, he said.

He said that economic decision would, hopefully, be implemented more forcefully in Shaukat's tenure besides ensuring consistency in policies in more effective way. "Economy is expected to grow stronger," he added.

Acting president, the Karachi Chamber of Commerce and Industry (KCCI), Mohammad Saeed Shafiq said that the chances of more economic improvement seem very bright but only one thing agitates the mind that Shaukat does not have any political background, which may make him weaker politically.

Former chairman, Pakistan Bedwear Exporters Association (PBEA), Shabir Ahmed said that the new PM has to focus on the law and order situation where he has to act tough otherwise any lethargy on this issue would create problems for him.

Another most pressing issue is the employment generation in which successive governments had failed. Joblessness ultimately results in poor law and order situation, he said.

Shabir said that only one drawback in the personality of Shaukat Aziz relates to the political side which he has to manage in future. He said that appointment of new PM will attract foreign buyers in a big way since Shaukat enjoys a good name in foreign countries.

Country will now witness a marked improvement in arrival of foreign investment as well as in worldwide image, he hoped. The president, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Riaz Ahmed Tata said that Shaukat's appointment would give a good signal to foreign investors but their arrival would take time as investors land in Pakistan in a conducive environment only.

"Business community is not worried about the political change in the country and thinks that it will make no negative impact on the on-going business scenario. I do not see any negative impact on his appointment," Tata said hoping that the new PM will continue the economic policies to ensure their effective implementation and impact on trade, industry and economy.

He said that country would soon realise GDP growth rate of eight per cent, which would bring marked socio-economic prosperity. Former FPCCI president, SM Muneer sees the appointment of Shaukat Aziz as PM in a long term perspective.

"If Shaukat remains premier for five years, one will surely witness the country's joining in the comity of developed nations," he said. The country is now poised to achieve new economic growth targets under the leadership of new prime minister Shaukat Aziz, he said.

Senior Vice Chairman Site Association, Dr Mirza Ikhtiar Baig said that good rapport of Shaukat Aziz with international personalities of Europe and the US will filter down in shape of more foreign investment arrivals in Pakistan.

He said that like other developing countries including India, there is now a shift in philosophy in Pakistan also that economic stability is now considered as must to achieve political stability and Shaukat's appointment is a clear manifestation of this philosophy.

Baig said that implementation of economic policies will gain momentum in Shaukat's tenure, which was earlier remained a problem in Jamali government. The chairman, Advisory Board, Korangi Association of Trade and Industry (KATI), Shaikh Manzar Alam said a new era of economic development would usher and foreign direct investment would flow into Pakistan.

He expressed his confidence that the new PM would ensure that all his economic policies are implemented in letter and spirit without which, it would not be possible to translate his dream of making Pakistan economically a strong country.

Patron-in-Chief SM Muneer, Chairman Mian Zahid Hussain, senior vice chairman, Mohammed Yousuf Shaikh, vice chairman Azfar Aftab, Past Chairmen Zubair Chhaya, Akbar Farooqui and Farhan-ur-Rehman of KATI in a joint statement, hailed the appointment of Chaudhry Shujaat Hussain as Prime Minister designate and Shaukat Aziz as next Prime Minister.

They also complimented the President General Pervez Musharraf, for enhancing the image of Pakistan in the comity of nations and making all-out efforts to make Pakistan economically and politically strong.

They said that all credit goes to Shaukat Aziz as Finance Minister for pursuing sound economic policies as a result of which, all macro-economic targets announced in the last budget have not only been achieved but in certain sectors, exceeded.

They expressed the confidence that pro-poor export-led growth and investment friendly budget announced for the year 2004-05 would go a long way in consolidating the economic strength of the country and the dream of the incoming Prime Minister to make Pakistan economically as strong as Malaysia, Singapore, Thailand and China, be translated into reality soon.