Islamabad Chamber of Commerce and Industry President says that businesses located in the blue area continue to suffer irreparable loss due to the protests. PHOTO: AFP
“Over 2,500 shops including offices, restaurants, money changers, and multinational companies’ offices in the blue area have remained closed for the last three days, resulting in losses to the tune of Rs7 billion,” claimed Sheikh Sohail, President of the Blue Area Traders Association.
Protestors led by the Canada-returned cleric Tahirul Qadri, rallied for a third day on Wednesday, asking the government to dissolve national and provincial assemblies to pave the way for electoral and democratic reforms. Since, the government seems to not be intimated by them, the sit-in could continue.
Sohail said it was not possible for shopkeepers to absorb their fixed expenses if their business remains closed. The business community expressed serious concerns and demanded the government to resolve the situation.
“We always end up sandwiched between protestors and the government, every political party has taken the city as hostage whenever it wants, and this is the first time the commercial hub has remained closed for three successive days, resulting in massive losses.”
The Blue Area generates business activity to the tune of Rs1 billion daily. About 70 foreign exchange offices are located there, handling transactions worth billions of rupees on a daily basis. These closures had resulted in a hidden but deep economic impact.
Islamabad Small Traders Chamber and Cottage Industry President Kamran Abbasi said small traders were also affected due to the long march. “A total of 70 small markets in the capital are affected. The businesses in the country are already facing adverse business conditions and the protests have added to their woes.” He said the government should fulfil Qadri’s demands as traders cannot afford any kind of anarchy.
Islamabad Chamber of Commerce and Industry President Zafar Bakhtawari appealed to the government to begin negotiations with the protestors. “Businesses located in the blue area continue to suffer irreparable loss due to the protests.”
General Secretary of the Trading Action Committee Ajmal Baloch said that once protests end, the business community of Islamabad will decide its strategy after consulting with all stakeholders, including the business chambers.
Published in The Express Tribune, January 17th, 2013.
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1736508423-0/Express-Tribune---News-Desk-(9)1736508423-0-270x192.webp "when will new rain system enter pakistan")
@B: than how come these shopkeepers pay tax of less than 5 crore for whole country. yes, it should sell it assets/skills like USA did by teaching UK, Israel and France
Stock Market crashes after hearing PM arrest to 540 points, what was that I didn't find that in headlines ?
Another thing Karachi is the biggest Industrial state in Pakistan every day we face strikes and riots here what is this ? Did you write about how much loss every day Karachi faces? Reply
Since Pakistan is a nuclear power, it is a financially a rich country. This amount is just a drop in the Indian Ocean. Many more and it will not dent its economy. Pakistan a Nuclear Power.
highly inflated figures!!!
I hope FBR is taking note of these figures of business loss. and sales According to some information, less than 700 commercial establishments/business file Income Tax Retyrns in Islamabad..
This is just a begining. Wait for Tsunami.