KARACHI, Dec 29: There are many businessmen who are apprehensive of Pakistan’s future political and social stability and economic prospects after the Thursday evening bomb blast and gun firing at Liaquat Bagh in Rawalpindi that claimed the life of former prime minister Ms Benazir Bhutto and about 30 persons, but the representatives of big businesses are confident of country taking this assassination too in its stride and continue their march forward.

While a few leaders of the business community are warning about uncertainty arising from Thursday incident may impact supply of essential items immediately and also scrapping of export orders that may bring in its wake unemployment, there are a few others who are confident of maturity of political leadership.

Pakistan’s geo political location will also compel the world community to address the long and short-term economic requirements of the country, they feel.

Conceding that the devastating bomb blast on Thursday evening has left its deep imprints on country’s chequered political history, “we have moved on in the face of one tragedy to the other, with courage and determination and maintained an economic growth track in last 60 years”, one of the top corporate leaders of Pakistan remarked on Saturday.

“From 1951 till this year in 2007, Pakistan has maintained an average annual growth of more than five per cent,” Mr Yusuf Shirazi of the Atlas Group of Companies said while pointing out that in these last 56 years, people of Pakistan witnessed murder of first Prime Minister Liaquat Ali Khan, murder of West Pakistan Chief Minister Dr Khan Saheb,

separation of East Pakistan and hanging of Zulfikar Ali Bhutto. “Not only we survived all these tragedies, but we continued our march forward,” he said.

“Demise of Pakistan’s founding father Quaid-i-Azam just after a year of Pakistan’s creation in September 1948 was not a small tragedy,” he recalled and pointed out the country started moving ahead literally from a scratch. In 1951, the assassination of Liaquat Ali Khan created doubts on Pakistan’s future. But all these doubts proved hollow and there was no looking back from the march of progress. Political instability and frequent change of prime ministers during eight years of 1951 to 1958 did not impact much the economic development.

Bhutto’s hanging is no doubt one of the big tragedies to have struck Pakistan in 1979. There were troubles and commotion but the country was back on path of political stability and economic progress. Tell me how many nations of the world have seen so many tragedies and political changes. “No matter what the worlds say, we have best entrepreneurs, best professionals and best workers who will not be daunted by these tragedies,” he said.

His confidence in Pakistan’s resilience, he said comes from his own experience. He founded his company with an initial investment of half a million rupees and three persons during Ayub Khan.

“Now we have 7,000 workforce, a corporate structure of management and we pay Rs15 billion annual taxes,” he said, and his company has passed through all political and social upheavals and changes. His foreign partners in three joint ventures are comfortable with him even now after December 27 tragedy.

But such is not the case with Mr Amjad Rasheed Sheikh who also preside a business group and is now Chairman of Pakistan Vanaspati Ghee Manufacturers Association. His partners in a joint venture edible oil refinery project near Port Qasim have started giving signals of discomfort. He holds political instability a key factor to impact on business.

Amjad has travelled many times with ex-prime minister Benazir Bhutto on her foreign trips and is her admirer so far as her negotiations, skill and her grip on national and international affairs are concerned.

Raees Ashraf Tar Mohammad of Pakistan Commodity Importers Association fears a shortage of essential items in coming days as investors of commodity trade are moving out of the business.

“Not only that new contracts for sale and purchase of commodities are not being made within Pakistan and outside, but those who have signed such contracts are looking for excuse to slip out,” he said.

As for present stocks of essential commodities in Pakistan, he said these are of normal size. But panic can spur demand which can cause problem which will need to be addressed to.

Raees too shares the perception of political instability and wants a political order that should create some confidence among the people.

Aziz Memon, a well known ready-made garment manufacturer and exporter fears cancellation of export orders because of Eid holidays having been extended to almost 10 days after the unfortunate incident on December 27. Many businessmen consider “outburst after Thursday blast’’ as not too unusual. But it should stop now and there should be serious thinking as to how to translate this grief and pain into a political strength.