KARACHI: Political instability biggest hurdle in country’s economic development and it barred foreign investment and caused concerns of local business men, said, Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum (PBIF).
Pakistan is facing crisis after crisis which has taken a toll on the masses and the economy as well, Mian Zahid said while talking to the business community.
Continued political instability has become a major hurdle in the economic development while the country is without any proper political and economic direction since independence, the veteran business leader said.
Mian Zahid Hussain, who is also President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, was of the view that never in the history of the country we have seen such Constitutional, the political and economic crisis which is barring the government to fulfill its agenda. He said that those who considered that honest leadership can fix everything are not silent as this experience has also failed.
The former minister noted that after every two or three years country is faced with a balance of payment crisis, fiscal deficit or economic downturn which is unfortunate. Pakistan is far behind the countries which used to view this country as a model for their development which includes India, Bangladesh, Sir Lanka, Vietnam and many others. He noted that the majority of the government prefers artificial development over real development which results in one crisis after another.
Mian Zahid said that the politicians have also decided to remain divided which has resulted in stunted growth, instability, extremism, and differences keeping the country underdeveloped. He said that Pakistani and Indian societies were facing many differences and constrictions at the time of independence. India tackled divisions in a way to trigger its growth which Pakistan ignored issues like religious and social differences, the class system and lack of balance.
India and Bangladesh kept nobility in control while we planned everything to support the nobility pushing country is debt trap, he maintained.
The veteran business leader said that the only way to become self-reliant is to reduce frictions in the society for which responsibility lies on the shoulders of the political class.
With input from INP
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