KARACHI, Sept 9: Businessmen and industrialists see the election of Asif Ali Zardari as president of Pakistan a major step leading towards economic stability.

They believe that the political turmoil has reached its logical end with completion of the process of the restoration of democracy in the country.

They hoped that the government could now focus on reviving the economic stability.

Acting president Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zubair Tufail said that the economic stability was not far away after taking over the top post of president by Asif Zardari.

He said it would be easy for the government to announce some incentives and package as both the president and the prime minister belong to the PPP. There will be understanding between them on various issues, he added.

“The new president is aware of the economic crisis and now the road appears clear for him to revive business activities,” he said.

Zubair said that a delegation of the apex trade body would meet the president next week to submit proposals for the resolution of economic issues being faced by the country.

The acting FPCCI president said that consumers were hoping to get relief in oil prices as crude prices had settled at $101 per barrel from $147 two months back.

Similarly, the palm oil prices have fallen to $850 per ton from $1,200 few months back. Due to bumper rice crop, its prices have already started falling in the markets, he added.

President Karachi Chamber of Commerce and Industry (KCCI) Shamim Ahmed Shamsi predicted the revival of economic activity after the election of Asif Ali Zardari for the country’s top post.

“I think that the government will now definitely focus its attention on economic stability after the improvement in the political scenario,” he said adding: “Time has come for the Pakistan People’s Party (PPP) government to deliver on its promise to improve economic indicators.”

Mentioning some short-term challenges, he said that the government should reduce the interest rates to encourage capital flow and take measures to enhance exports as the Christmas season and winter buying by the European buyers will get underway very shortly.

Chairman Korangi Association of Trade and Industry (Kati) Shaikh Fazl-e-Jalil said economic prosperity should come after the end of political instability to some extent.

Industry now pins hope for some policy direction after the appointment of Zardari as president.

He recalled that the PPP-led coalition government had not given any solid economic policy since February.

However, he said that economic stability would come when the government appoints full time ministers of various economic portfolios.

Chairman North Association of Trade and Industry (Nkati), Noor Ahmad Khan said that economic revival now seemed imminent after the settlement of a big political issue.