Business

Political instability hurts economy: RCCI

Business community expresses concern over growing political uncertainty

Our Correspondent October 07, 2020

RAWALPINDI:

The business community of Rawalpindi has expressed strong concern over growing political uncertainty, which has affected economy of the country, and urged the government to resolve issues amicably.

According to a statement, Rawalpindi Chamber of Commerce and Industry (RCCI) President Mohammad Nasir Mirza while talking to different trade delegations on Tuesday said the business community had grave concern over the growing political and economic uncertainty as both were interlinked with each other.

The stock market dropped around 1,000 points in a single day and was undergoing a bearish momentum. “Investors, especially foreign investors, can only be attracted once we have political stability and consistent economic policies,” he stressed.

After the lockdown imposed to contain the spread of coronavirus, business activities resumed with much difficulty. “In such a situation, the recent political turmoil is detrimental to the country’s economy. The prime minister should take immediate notice of the current situation,” he said.

Mirza stated that issues should be resolved amicably and political parties must show political tolerance, maturity and wisdom.

Trade delegates shared the issues faced by them including traffic congestion, tax notices, encroachment and vehicle parking space.

The RCCI chief assured the business community that the chamber would always be available for raising its voice to solve the problems of traders. “Whether it is the matter of providing facilities or tax reforms, the chamber has always played its role,” he remarked. No harassment should be done by the Federal Board of Revenue (FBR), Punjab Revenue Authority (PRA) and other agencies under the guise of tax notices, tax collection and registration, the RCCI chief demanded.

Published in The Express Tribune, October 7^th, 2020.

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