ISLAMABAD   -   Chairman United Business Group in the Federation of Pakistan Chamber of Commerce and Industry and former President Lahore Chamber Shahzad Ali Malik here on Sunday said that the current political upheaval, rupee depreciation, yawning trade deficit inflicting heavy losses to economy.

While talking to a delegation of traders led by Momin Ali Malik Executive Committee Member Lahore Chamber said it is globally admitted fact that sound economy and political stability are interconnected and a pre-requisite for survival of a nation. He urged the political leadership of all parties to iron out differences for the greater sake of the Pakistan and work collectively for the development of the country instead of wrangling fruitlessly. Expressing deep concern over ongoing political polarisation and never ceasing political brawl, he cautioned that this tussle has created a disastrous situation for Pakistan’s bleak economy which was already in an awful state.

He said the patriotic business and industrial community fears that this ugly situation would worsen further if all political parties don’t bother to realise the gravity of the alarming situation hovering around and continue blame game, he added. About CNIC condition for buyers, he said nowhere in the world buyer was asked to submit identity card at the time of shopping which has a negative impact on commercial activities in the country and demanded repealing this anti-trade condition to provide solace already hard hit businessmen.

He said political turmoil is directly targeting the already fractured economy and responsible for quick depreciation of rupee besides plunging of stock exchange. He lamented that trade deficit also widened to $40 billion in the current fiscal year and this ever increasing harmful trend must be arrested to save the fragile economy. He said whole of the business community is completely worried about the prevailing sorry state of affairs and demands immediate enforcement of proposed charter of economy to avert any economic collapse.

Shahzad Ali Malik who is also chairman Pakistan Hi Tech Hybrid Seed Association said that business community, a backbone of the economy, will continue play its role in national development but political stability and business friendly environment are key factors for smooth flow of foreign direct investments and business. He said higher degree of inflation also reduces economic growth besides adding miseries to the life of poor strata of the society.