September 21, 2007	Friday	Ramazan 08, 1428

KARACHI, Sept 20: Businessmen have expressed satisfaction over the announcement of schedule for presidential polls, saying it will end political unrest.

Foreign investors would also receive a good signal from Pakistan’s changing political improvement, they add.

Vice President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zubair Tufail said political uncertainty was the major factor behind the economic slowdown persisting for the last few months, and the business community was highly nervous at the ongoing happenings.

Now EC’s announcement of holding of presidential polls would make a positive impact on country’s economy, he said.

He further stated that foreign investors might have received a positive signal from the announcement, but they would really turn up towards Pakistan in a big number a bit late as they were waiting to see the completion of entire process of holding of presidential and general assembly elections in a peaceful manner.

Tufail said after a complete political calm, the country is expected to receive a real big investment from the Middle East and Arab countries as they think that Pakistan, China, Malaysia and India were the best places to invest in terms of better returns.He said Arabs, especially bankers, were now in search of making investment in Asia and they were avoiding investing in Europe and the US.

He expressed the hope that the election process would be completed step-by-step in a peaceful manner so that both economy and political situation could flourish.

President, Karachi Chamber of Commerce and Industry (KCCI), Majyd Aziz, said the announcement of presidential poll schedule by the EC would certainly address the issue of political uncertainty.

“The business community is hopeful that the political process will continue as per law,” he said, adding the parliamentarians should also exercise their right of vote, and the results of the elections would be accepted by everyone.

The EC’s decision would enliven new hopes among foreign investors who would witness a change in political scenario towards betterment, he said.

Majyd was of the view that some politicians were talking about extension in the tenure of the current National Assembly for one year which was a juvenile thinking.

“There should be fresh election of national and provincial assemblies and new faces should come up to run the country.” However, the KCCI chief favoured the re-election of President Musharraf.

Chairman, Korangi Association of Trade and Industry (KATI), Masood Naqi, said the EC’s decision was a positive sign and would help remove frustration to some extent and also bring economic stability.

He said that the country would see a complete economic and political stability when domestic political issues would be settled step-by-step.

As far as foreign investors are concerned, Naqi was of the view that foreigners might have seen it as a new development.

“I think they are still waiting to come back to Pakistan with full determination as they think that some issues, like judicial crisis, is still to be resolved,” he added.

Foreign investors would feel free to plunge in Pakistan when everything, from the presidential and national assembly elections to judicial crisis, will be completed.

He added that foreign buyers were still reluctant to take their visits aggressively, like holding meetings, visiting sites and checking the export samples in the country.