KARACHI, Dec 27: The trade and industry people, terming the assassination of PPP chairperson Benazir Bhutto after her election meeting in Rawalpindi a national political loss, forecast a bleak scenario for business and export.
They said it would tarnish country’s image as now chances of holding of general elections on Jan 8 are remote. Talking to Dawn in a grim tone, many industrialists declared Friday as a closed holiday in their respective units after various incidents of violence in the city. They said they see little chances of opening of their units any time before Saturday.
Transport has already vanished, and transporters may keep their vehicles off the road till Saturday for fear of increase in violence.
The businessmen also feared a possible suspension of export shipments from Friday to Sunday depending on the city’s situation, besides problems in securing future orders from foreign buyers who are already alarmed over various negative political developments which pose another challenge.
They said the shipment that was already at the port by Thursday evening could reach their respective destinations.
They added that foreign buyers, who had already been cautious about visiting Pakistan after March 2007, would now definitely refrain from landing in the country.
The Vice President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zubair Tufail, expressed his disappointment over law and order situation in Pakistan where national leaders were being targeted which has not happened even in Iraq. “Banazir’s killing is a big political and national loss,” he said, adding it was the government’s responsibility to provide security to the popular leaders, but it has failed.
“Foreign investors and entrepreneurs would now shiver to enter into Pakistan considering it as a dangerous country. Image of Pakistan after this incident hit the rock bottom,” he added.
The incident would have a far-reaching impact on the economy and it would take a very long time for its recovery.
Zubair urged the government to control the rising terrorist activities in order to save the country’s tarnishing image.
Chairman, F.B. Area Association of Trade and Industry (Kati), Masroor Ahmed Alvi, said all the industries in the F. B. Area have been closed from the evening after people expressed their anger by resorting to violence in the area.
There is unlikely that business activities would resume on Friday or Saturday as much depends on the law and order situation.
“Under the current circumstances, I do not see holding of elections next month,” he said adding that exporters will suffer heavily both on getting future orders or meeting timely shipments for the next two to three days.
The economy is likely to remain in turmoil for the next two to three months. “The real problem is reviving the country’s image in the foreign countries after the killing of a big leader,” he said.
Chairman, Korangi Association of Trade and Industry (Kati), Masood Naqi, said all the industries had been closed down on Thursday evening after deteriorating law and order situation in Korangi.
“The most daunting task right now is how to improve the country’s image and come out from a political anarchy in coming months,” he said, adding the country has lost the most popular leader of the west. The economy will continue to remain under pressure.
Chairman, North Karachi Association of Trade and Industry (NKATI), Faraz Mirza, said all the industries, which had been closed on Thursday evening, may remain shut for Friday and Saturday.
“I think that the general elections will not be held under the current political unrest,” he said.
Chairman, Pakistan Leather Garments Manufacturers and Exporters Association (PLGMEA), Fawad Ejaz Khan, said export of leather goods would hit hard as this was the peak time of exporters to make preparations for the 2008.
He said big buyers would either avoid placing huge orders in Pakistan or they would shift towards China while small buyers have been accustomed of the situation in the country.
He was of the view that general elections were unlikely to take place under the heating up of unrest in the country.
Senior Vice Chairman Site Association of Industry, Rauf A. Sattar, said industries in SITE areas may remain closed for two to three days, thus affecting the local as well as export business.
He was of the view that elections would not be held under the current chaos in the country. It would take at least two months for the normalisation of political and economic activities depending on the situation.
