KARACHI: The trade and industry has offered cautious comments over Supreme Court’s decision on disqualification of Prime Minister Syed Yousuf Raza Gilani and issuance of a subsequent notification by the Election Commission.
Some businessmen and industrialists were optimistic about future economic scenario while others said there might be a status quo, or no change in the situation.
All-Pakistan Textile Mills Association (Sindh Zone) Chairman Yasin Siddiq told Dawn that rule of law is visible now as judiciary has become active.
He feels that such actions in the long run would have a positive impact on democracy and on country’s economy.
He, however, did not anticipate drastic changes in economic policies or in the budget documents presented on June 1, 2012.
He said that there would be no significant impact on foreign investment as it would need time for investors to have confidence in the working of different state organs.He did not link PM’s departure to improvement in Karachi’s situation regarding law and order, rising cases of extortion, as well as power and gas crises.
Aptma hoped that the new government would reduce leakages and pilferage in gas, power, taxes, and strive to correct the macro economic indicators.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice President Shakeel Ahmed Dhingra hailed the SC decision, and said it would make a positive impact on country’s economy.
He recalled that during the last over four years, industrial sector had been hit badly owing to severe power and gas crises, closure of industries, falling foreign and local investment besides record food inflation.
Shakeel saw an interim setup after the dissolution of the cabinet, but said that the new setup would take time to take any policy decisions.
When asked whether the new setup would change budgetary measures announced on June 1, 2012, he said that the government would maintain status quo on current economic policies.
He was hopeful that Supreme Court’s decision would give good signals to foreign investors who were already reluctant to invest in Pakistan owing to various reasons.
“Foreign investment will depend on future of economic and political situation in the country,” said the FPCCI vice president.
Karachi Chamber of Commerce and Industry President Mian Abrar Ahmed said that the next Premier or the new cabinet should concentrate on law and order situation, energy crisis and on political stability, otherwise the situation will remain the same.
The new government can only prosper if it immediately addresses these core issues, he said.
He, however, saw crisis again if the new PM also doesn’t write letter to the Swiss government.
Pakistan Automotive Manufactures Association Director-General Abdul Waheed Khan said that auto sector looks forward for a better future when new PM will take over.
He said the budget 2012-2013 remained silent on auto sector but it is hoped that the new PM and his cabinet would bring out auto industry from continued recession prevailing since 2009.
Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) chairman Syed Nabeel Hashmi said the country was already running on ad hocism and there was no economic long term policies on which the trade and industry was satisfied.