KARACHI, Nov 3: The business community of the country hope that the power-wielders of the country are cognizant of the sensitivity of the situation and would do all in their command to defuse tensions and avoid measures that could ignite mass unrest and lead to violence.

The government needs to ensure that the impact of political developments do not cast a dark shadow on the economy that has picked up after a long wait. The private sector is indifferent towards the title of a government provided the change does not lead to destabilisation.

Business is a peaceful activity that suffers under confrontational political environment. The prolonged phase of uncertainty since March this year was causing anxiety amongst investors waiting for situation to settle down to finalise their investment decisions. Broadly this was the response of the corporate Pakistan.

There were a few detractors, who abhorred the move for they saw interests of business community aligned with the people, who were deprived of whatever little freedom they had with the imposition of an emergency.

Most business leaders, contacted by Dawn to seek their reaction to the drastic move of the Chief of the Army General Pervez Musharraf, were shocked, though they said they were expecting some such measures. Top notch leaders either made them selves unavailable or talked on condition of anonymity to avoid risk from a government that has yet to show its colours.

Majyd Aziz, a senior business leader of Karachi was hopeful that things would settle for better. “Hopefully there will be some sanity now and the issues related to economy will be moved up on the list of the agenda of the government”, he said. He complained that the heated political debate had relegated the burning economic issues to the fringes.

A young business leader was upset and critical of the move. “This is so unfortunate. This is no solution. At best, General Musharraf has earned himself some more time. Such extreme stubbornness is unjustifiable on all counts. It could push the country towards more confrontation, which could derail the economy and suspends all activities”, he retorted.

A textile tycoon located up north felt that it would be too early to contemplate the implications of the imposition of emergency on trade and industry. “Let the situation clarify to gauge its impact on the business environment,” he said pleading secrecy of identity.

“There is a fear of massive exodus of foreign portfolio investment from our capital market that could trigger selling but most big market players are confident that the stock market can endure the shock,” a businessman from Islamabad told Dawn.

The community assumed tacit support of the West to the move. “The General must have persuaded our Western allies not to oppose beyond verbal disapproval for he knows that their support is crucial for the economy,” a CEO of a multinational company said while commenting.

While many markets of Karachi, surveyed immediately after the proclamation of emergency was made on TV, were normal. Many people were unaware of the development. Mohd. Arif Hasan, who supervises his own garment store on Zaibunisa Street, saw the move as expected. He told Dawn that the news reached the market as soon as it was released but he felt no immediate reaction in the flow of buyers or the level of the activity.

Rahat Alam, a young man sitting next to retailer, cut a picture of a typical local leader with a printed muffler around his neck and his hair gelled neatly, explained loudly that imposition of emergency was a blessing in disguise for Karachiites. He gave some obnoxious theories to prove his point.

Another trader defended imposition of emergency for he felt it would save the city of a mini civil war that he felt was inevitable in a city divided along all conceivable lines where arms are easily available.

Many key business leaders such as president Federation of Pakistan Chamber of Commerce and Industry, head of American Business Council and Overseas Chamber of Commerce and Industry were out of country.

“We need a certain measure of stability to take prudent investment decisions. If the current move by General Musharraf puts to peace the ongoing mayhem we do not care if it is emergency or martial law. The dividends of peace will reach all if economic activity picks up”, another leader remarked.