LOCAL businessmen are pinning hopes on both the next provincial and federal governments to initiate effective measures to end prolonged power outages and to maximise the use of indigenous natural resources, which they see vital to revive Khyber Pakhtunkhwa’s economy.

While they are looking towards the PML-N for specific pro-business policies for the province, they expect the PTI-led KP government to work hard to improve general law and order situation and focus on development of natural resources. .

The provincial government, says a Peshawar industrialist Muhammad Ishaq, should focus on developing small water storage dams and utilising huge hydro power generation potential. The effort would improve electricity supply situation in the province in addition to creating more sources of income for the provincial government on account of profit on sale of electricity.

Similarly, the provincial government should focus on utilising oil and gas reserves found in the southern districts of the province, says Ishaq, adding: this would help expand its income base and create jobs in the private sector as utilisation of oil and gas reserves would help revive industrial activity.

The emergence of a relatively new political force to the echelons of power in KP has also generated mixed reaction from the local business community. Pakistan Tehreek-i-Insaf is all set to lead a four- party coalition government in the province. Its rise to power is being perceived as a positive political happening.

PML-N’s success in the elections has renewed hope to Peshawar’s businessmen as they consider Mian Nawaz Sharif business-friendly. The last time PML-N was in power, they add, his policies benefited small, medium, and large businesses alike. “Nawaz Sharif’s governments have always proven useful for small entrepreneurs and strengthened businesses,” says Zia-ul-Haq Sarhadi, a director at Pakistan-Afghanistan Chambers of Commerce and Industry.

However, PML-N’s success has not gone down well with everyone in the province. There are businessmen who are worried. Some of them have not forgotten memories of the second PML (N) government’s decision to freeze the foreign currency accounts after the country went nuclear in 1998.

“The disturbing memories of dollar account freezing decision are still fresh in the minds of many people,” says an industrialist from Peshawar Muhammad Ishaq.

He, however, believes the many issues would take time to resolve as it was not easy to end the country’s power woes in a few months. “They (PML-N leaders) realise that power supply would take a couple of years to improve; that is why they say that say they will fix the problem in two years,” says Ishaq.

However, he adds that Mian Sahib will need to restore businessmen’s confidence by undertaking prudent economic policy decisions.

“In his second stint in power, for instance, the supply of wheat flour from Punjab to KP was officially banned, which adversely impacted whole-sellers, merchants, and consumers here,” says Ishaq.President of Anjuman-e-Tajran, KP, Sharafat Ali Mubarak says small traders and shopkeepers were hoping that Mian Nawaz Sharif would introduce business-friendly policies, resolve energy crisis, improve security situation in the province, and create investment-friendly environment across the country.

“Lengthy power outages have ruined small businessowners and businesses relying heavily on electricity are the worst hit,” he says, stressing on improvement in electricity supply to help businesses grow. A group of 40 tailors belonging to different parts of Peshawar, he says, came to him a couple of days ago to complain that prolonged power outages had forced them out of business.

“Price hike does not bother you much when your business is doing well,” says Mubarak, adding that, “improvement in electricity supply would resolve half of the problems being faced today.”

The new government, he says, should take small, but important, steps to revive small businesses, provide liquidity to small entrepreneurs.

“Businessmen would give their best if they find opportunities and Mian Sahib is good at creating opportunities for businessmen,” says Mubarak.

Ishaq agrees. He says his packages manufacturing unit’s survival depends on the revival of industrial sector in Punjab. “Improvement in electricity supply would generate business, create jobs, and result in profits for all,” says the industrialist.

“Businesses and investors would also respond positively, doing their bit to come out of the dock,” he adds.