LAHORE, Feb 15: It is hard to estimate the quantum of losses caused to the businesses and property on Tuesday by the angry mobs protesting against the publication of sacrilegious caricatures of the Holy Prophet (Peace be upon him) in a number of European newspapers, but most businessmen and economists say the incident will frighten foreign investors for the short-term.
“I hope that this violence (by religious groups) will die down in a day or two without causing too much damage to the country’s perception,” said a businessman from Lahore’s largest industrial district, Kot Lakhpat. “If violence continues, the government will find it even harder to attract foreign investors to make investments in Pakistan,” he said.
A textile mill owner told Dawn that some foreign buyers had already begun thinking of cancelling their scheduled visits to Pakistan as a result of Tuesday’s violence. He said the riots would go a long way in affecting exports from Pakistan. “Such incidents neither serve Islam nor the country. Instead these enhance negative perception of the country in the eyes of our importers.”
A Mall Road trader said they (traders) had voluntarily closed down their businesses and joined the protest call given by a religious group against the publication of blasphemous caricatures. However, he said: “We did not expect the protesters to get violent and damage our property, especially when we had supported the strike call and kept our shops and markets closed.” He said the violence had actually damaged the cause for which the strike call had been given and further soiled the country’s image.
He said it would be difficult to give an estimate of the losses caused by the mobs. “We do not know how much loss is covered by insurance. But I think only a part of it would be covered because normally most traders do not get their goods insured.”
A businessman and an economist with the Lahore University of Management and Sciences (LUMS) said the violence did not affect manufacturing. But it did disrupt the services sector — retail, transport, restaurants, distribution, etc — very badly. “It is not possible to calculate the exact loss because of lack of proper documentation, but millions of rupees must have been lost due to strike and violence,” they said.
Meanwhile, the affected traders from the Mall and its adjoining markets staged a demonstration on Wednesday against the damage caused to their property and businesses. They demanded that the government should compensate the affected traders because it was its responsibility to protect the private property and businesses. They also urged the government to beef up security in the markets to prevent any untoward incident in future.