Due to Afghan turmoil: Pakistan's economy suffers over $3 billion loss
LAHORE (June 21 2010): The business community across the country on Sunday urged United States (US) President Obama's special representative Richard Holbrooke, currently visiting Pakistan, to help provide direct access to Pakistani products in the US markets as Pakistan's economy has suffered a huge loss of $3 billion, directly or indirectly, due to turmoil in Afghanistan and the war against terror in the region.
Founder chairman of Pak-US Business Council and VP Saarc Chamber of Commerce and Industry Iftikhar Ali Malik told APP, "The business community welcomes his (Halbrooke's) visit to Pakistan". It is on record that Pakistan is the only country in the world which has not only suffered tremendous economic loss but also huge human loss in the war against terror, he added.
Iftikhar said over three million Afghan refugees in Pakistan were a security risk.
He said the Pakistani nation, including business community, all political parties under the leadership of President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani alongwith people from all strata of society were united against the menace of terror and fully committed to defeat it. Pakistan has always been an active US associate against terrorism, he added.
He said due to the war against terror, Pakistan's economy was suffering $10 billion annual loss as thousands of people had been displaced due to it. Moreover, the country's security was endangered, he added.
In the prevailing situation, the United States must provide direct market access to Pakistani products on zero rate duty to help stabilise the country's bleak economy, he stressed.
Iftikhar, who is also co-chairman of Businessman Panel, the largest alliance of chambers in the country and ruling group in FPCCI, on behalf of entire business community reiterated his demand for US assistance to Pakistan to help overcome the economic crisis, by restoring the quota for Pakistan at par with other under-developed countries.
"The US should buy back products from industrial zones in Pakistan and help strengthen the zones with the provision of modern infrastructure", he said, adding that proper and timely American assistance would help ensure durable peace and stamp out terrorism, besides strengthening the democratic government in Pakistan. Observing that due to unrest and turmoil in Afghanistan, he said a major chunk of food stock was smuggled to that country, creating its acute scarcity here. The current economic crisis looming world-wide has especially impacted the poor countries, he added.
He said there was a vast scope for US private sector investors in every sphere of life, particularly in agro power and IT sectors, adding that the US Chamber of Commerce (USCC) could play a pivotal role in promoting bilateral trade relations.
Business Recorder [Pakistan's First Financial Daily]
Due to Afghan turmoil: Pakistan's economy suffers over $3 trillion loss
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