Strong resentment had been shown by exporters who believed that the emergency rule would send wrong signals to the foreign buyers who were already avoiding visiting the country.
A recent report appeared in the Newsweek labelled Pakistan as a worst country even more dangerous than Iraq has already damaged the image of Pakistan around the world and has shaken up the confidence of foreign buyers, said founder chairman Pakistan Leather Garments Manufacturers and Exporters Association (Plgmea) Fawad Ijaz.
He said the exports of leather goods after experiencing bad times since 2005-06, had just started showing some improvement from September this year as buyers started arriving here to place orders. “But this may not last long as imposition of emergency will disturb the scheduled visits of our foreign buyers,” he added.
However, Korangi Association of Trade and Industry (KATI) chairman Masood Naqi was of the view that there would be no problem after the promulgation of emergency and this would help to stabilise highly uncertain political situation in the country.
He further said that political stability was a must for business and industrial activities to grow besides good law and order situation and if the government secures this goal it would greatly help the economy as a whole and export trade in particular.
However, Naqi was quick to add that the state of emergency for a short period with well-defined goals it would end the present volatile situation in the country.
Vice-chairman Pakistan Knitwear and Sweater Exporters Association (Paksea) Rauf Godial said that the imposition of emergency may give breather to the government for some time, but since the country was confronted with deep-rooted problems there would be no one in Islamabad to listen to the woes of trade and industry.
He apprehended that foreign buyers may stop placing fresh orders at least for a month and would monitor the situation till normalcy returns. However, this would further aggravate the situation for the textile industry which was already passing through its most difficult times.
Mr Godial fears that foreign buyers at this juncture may also cancel their existing orders considering timely delivery would not be possible.
Former chairman Pakistan Readymade Garments Manufacturers and Exporters Association (Pregmea) Bilal Mullah said the promulgation of emergency would be damaging for trade and industry as it would send wrong signals to foreign buyers.
“Though it seems to be limited in scope but yet it is damaging for exports and foreign investment,” he added. “I would say that stability without democracy is a dream and only those nations are making rapid economic growth who are being run by the rule of the law,” he observed.
Our Reporter adds from Islamabad: Business leaders in the capital strongly reacted to the proclamation of emergency saying it would malign the country image in the international market.
The international players were already shy of coming to Pakistan for making investment due to prevailing law and order situation during the last three to four years and current decision would further make them reluctant to visit the country.
Ministers for commerce, industries and agriculture could not be reached for comments despite several attempts made on their cellphones.
However, Textile Minister Mushtaq Ali Cheema told Dawn from Faisalabad that the imposition of emergency would have both negative and positive impact on the economy.
“What kind of message we are giving to foreign investors. This will have negative impact on the economy,” he added.
Chairman ICCI Founder Group Munawar Mughal hoped that the emergency would only be targeted for elimination of terrorism and would not disrupt the normal trading environment.
He, however, said that there were already no business activities in the country and demanded an immediate restoration of democracy.