FAISALABAD: The business community in Faisalabad also reinforced the calls for restoring political stability, saying that it would adversely affect business activity in the textile hub of Pakistan.
According to the leaders of the business community, the political movement in Islamabad will weaken the economy and create more poverty and unemployment.
“The stock market has adversely reacted to the ongoing instability and lost over Rs300 billion,” said Faisalabad Chamber of Commerce and Industry (FCCI) Chairman Sohail bin Rashid, while talking to The Express Tribune.
“Historically, exporters have struggled to lure foreign investors due to uncertainty and the latest agitation can possibly be a huge setback to that development.”
The businessmen added that the call to stop paying bills and taxes is unpatriotic and will hurt the common man as well as the overall economy of Pakistan. They stressed on the settlement of political issues before the situation gets worse.
Faisalabad is contributing approximately $5 billion in total textile exports of the country of $14 billion.
“The business activities of the country have come to a standstill during the past three weeks. We are unable to invite international trade delegations to Pakistan in the present worsening law and order situation,” said Council of Looms Owners Association Chairman Waheed Khaliq Raamy.
He added that containers used by the government as barricades have halted shipments, resulting in loss of business.
Published in The Express Tribune, August 19th, 2014.
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