KARACHI, Aug 19: Businessmen, industrialists and capital market managers were overjoyed by the election of Shaukat Aziz as the Prime Minister of Pakistan. In separate statements, they expressed the hope that the country would experience unprecedented economic progress and prosperity under his leadership.

The chairman, Karachi Stock Exchange, Mr. Arif Habib said in a statement on Thursday that the bourse was extremely delighted at Aziz's election by a hefty margin of votes.

"Your landslide victory reflects the confidence of the people of Pakistan in the economic policies initiated under your leadership during last 5 years which have contributed immensely to the economic development of Pakistan and more particularly to the growth and development of capital markets in the country," said Mr. Arif Habib and assured the PM of full support of the stock exchange in achieving his aim of securing a place for Pakistan among developed nations of the world.

The president, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Riaz Tata, in a statement, said Shaukat's strategic economic and financial reforms had already saved Pakistan from becoming economically bankrupt. He said now the country is all set to join the list of economically developed countries of the Asia.

He urged the new premier to appoint a competent and dynamic team of ministers who can effectively realize his strategic plan for rapidly transforming Pakistan into a developed economy.

Muhammad Nisar Shekhani, the chairman, SITE Association of Industry said the business community is highly concerned over law and order situation as foreign investors are shying away because of security reasons and delay in dispensation of justice. Much will depend on how the new premier tackles these issues, he said.

He said that Shaukat Aziz, famous for his credentials and rapport with the western countries, will be in a better position to negotiate and deal with foreign countries for boosting trade and investment.

The chairman, All Pakistan Textile Mills Association (Aptma), Waqar Monnoo hoped that the appointment of new premier will help Pakistan to minimise negative perceptions of the world about Pakistan and foreign investors will be convinced to join hands with local entrepreneurs.

He hoped that Aziz would succeed in alleviating poverty and unemployment. The chairman, Pakistan Soap Manufacturers Association (PSMA), M. Yaqub Karim hoped that Shaukat Aziz will attend the burning issues of poverty and deprivation of their countrymen.

APP ADDS: In a joint statement, the chairman, Lahore Stock Exchange (LSE), Syed Asim Zafar and Managing Director, LSE, Hamid M. Imtiazi congratulated Shaukat Aziz over his win and added that under his leadership as Finance Minister, the national economy had developed to an enviable current level.