February 19, 2008	Tuesday	Safar 11, 1429

KARACHI, Feb 18: Irrespective of the results and massive challenges for the new government, businessmen and traders now appear highly optimistic regarding the economic prospects as the nation turned a leaf in the history of the country by completing the polling process peacefully on Monday.

They say they are now more anxious to see the economic and political harmony in days ahead after a series of unfortunate political events in the last one year that led to huge trade and business losses domestically and globally.

The new government will face a tough task in handling various consumer as well as industries related issues like rising prices of essential items, especially rice, pulses, and wheat flour coupled with falling exports of textile items, power and gas load-shedding and maintaining the prices of petroleum products.

They say that reports swirling in the markets for the past 10 days speak about violent elections but overall elections remained peaceful, which means that the political situation may remain under control in future.

Chairman, Korangi Association of Trade and Industry (Kati), Sheikh Fazl-e-Jalil, said: “Even if a coalition government is formed, the businessmen hope for economic prosperity. The business community cannot afford further losses on account of violence and political instability.”

However, he suggested that the new government should avoid increasing petroleum products’ prices as it would lead to food inflation, which is already very high. Besides, the government should not make any drastic changes in the economic policies, he added.FPCCI vice-president, Zubair Tufail, said that if the PPP-PML made a government or it was a hung parliament, there will definitely be an improvement on the country’s economic side.

However, he said that the new government would have to face some economic challenges like rising food prices for which it has to chalk out new policies so that the country could not face any wheat and flour crisis this year.

Chairman North Karachi Association of Trade and Industry (Nkati), Noor Ahmed Khan, said that the trade and economy would get a boost after receiving a good signal from peaceful elections. He urged the new government to look into the problems of the textile industry.

Chairman, F.B. Area Association of Trade and Industry (Fbati), Idris Gigi, said the holding of general elections had wiped way the uncertain environment and this would help restore the economic stability no matter which party forms the government.

He said many exporters of textile and other items, who had been losing orders owing to country’s political turmoil, will start getting orders.

Chairman, Karachi Wholesale Grocers Association (KWGA), Anis Majeed, urged all the political parties to accept the outcome of the results so that economic stability could return to the country.

President, Tariq Road Traders and Welfare Action Committee (TRTWAC), Siddiq Memon, said that the peaceful holding of elections augurs well for the economic stability even if two or three political parties jointly form a government. He said the people, who have been avoiding visiting the markets for the last few months will return to the markets from Tuesday.

He said the traders wanted the new government to focus on improvement in law and order situation and the power load shedding.

A commodity trader, who asked not to be named, ruled out any big improvement in country’s business environment in future as the new and old faces, belonging to the PPP and PML-N, are coming back to make a new government. Their governments had been dissolved in the past on various charges of corruption.