KARACHI, March 19: The KCCI has expressed its concern for not making any contingency plan by the government, in consultation with the trade and industry, to combat the negative impact of US-led attack on Iraq.

President Karachi Chamber of Commerce and Industry Mian Nasser Hyatt Maggo in a statement on Wednesday said that Iraq war would have a devastating effect on our economy.

He said shortage of raw materials and agriculture products like fertilizers and even consumer goods including pulses, edible oil, tea etc., would be felt miserably and ultimately prompt a price-hike.

Trade with the United States would also receive a setback. Besides, the flow of remittances would also be affected in the event of continued Iraq crisis, he said.

Maggo urged the government to prepare a contingency plan to counter the adverse repercussion.