July 21, 2007	Saturday	Rajab 05, 1428

KARACHI, July 20: Business in Pakistan does not share the enthusiasm of legal fraternity, opposition and the people but views the Supreme Court decision in a positive light.

For them the reinstatement of the Chief Justice has put to rest an issue that was a cause of constant bickering between the government and its opponents leading to street protests that also turned violent sometimes. It compounded uncertainties in an election year for the business community already under pressure for a variety of reasons.

“Most investors have put on hold their investment plans as it is hard to factor risk at this point,” a businessman told Dawn referring to the political uncertainty and law and order situation over the last few months.

After ignoring the political confrontation for sometime and resisting to let the negative sentiments prevail, the capital market gave in this week. The backlash of extremists to the Red mosque episode in the form of suicide attacks in Islamabad and elsewhere and adverse remarks of the US government over Pakistan’s efforts to root out extremists from its soil panicked investors and the Karachi Stock Exchange 100-index lost about 900 points in two days before closing at the weekend with minor gains on institutional support.

Tanvir Ahmed Sheikh, the president Federation of Pakistan Chambers of Commerce and Industry expected the government to accept the decision as promised. Sounding nervous the leader of the apex business forum said: “We have been assured by each and every quarter that issues will be resolved amicably to save the country from chaos to let the trade and business function in a peaceful environment.”

He, however, admitted that 2007 had proved to be a difficult year for the private sector. He felt that with elections ahead there was serious concern in the business community regarding the future.

Chaudhry Mohammad Saeed, the ex-president FPCCI, when contacted over telephone in Islamabad, felt that the series of events over the last few months have shaken the investors’ confidence and any move that drifts the country further away from stability will not bode well for the economy or the country.

Commenting on the decision he said: “Business needs to see some strong reconciliatory signals to calm its nerves. The rigidity demonstrated so far by the political parties and the government has cast a dark shadow over the future prospects of the country and disheartened businessmen.” “All those who matter must set aside their false egos and petty interests, and show flexibility to steer the country out of the mess it finds itself today.”

“Fighting extremism is a challenge big enough for the government. It does not need to open any new fronts. Liberal moderate image will only sell when the government stops behaving like a bull in a china shop. There is no middle way, they need to respect the country’s constitution and must refrain from temptation to overstep their limits for some petty personal gains,” said a young leader who wished anonymity.

Representatives of KCCI were not available for comments.