Traders have great expectations from Asif

[LRE]

Traders have great expectations from Asif



Sunday, September 07, 2008
By Mansoor Ahmad

LAHORE

BUSINESSMEN hope that President Asif Ali Zardari would bring in a capable team of economic managers and revive the country’s economy.

Muhammad Ali Mian, the president of the Lahore Chamber of Commerce and Industry, said that businessmen want to give democracy a chance. He said all parties had accepted Asif as the president and businessmen hoped he improved the macro economic indicators deteriorating with every passing moment. He said the country was passing through the most turbulent period in its history. He said Asif would have to take the challenges head on as business, law and order and government writ were at an all time low.

Mian Abuzar Shad, the former chairman of the Pakistan Industrial Traders Association Front, said that although never proven guilty, Asif had a reputation that he would have to prove wrong by ensuring full transparency in the government’s economic affairs. He said Pakistan would have to follow global procedures for awarding contracts. He said that Asif would do well if the Punjab government was not destabilised.

Naeem Ahmad Khan, the former chairman Lahore Stock Exchange, said: “We should respect the mandate of the electorate as representatives of the nation had elected Asif”. He said the nation had put its fate in the hands of Asif who even otherwise was calling the shots as the PPP co-chairman.

He said the new president would have to be very careful while formulating policies on Capital Market. He said a few moves the regulators made during the first four months of the PPP-led government raised many eye brows. He said the capital market should be regulated under the highest global standard to avoid mudslinging later.

Adil Butt, a leading knitwear exporter and former chairman of the Pakistan Hosiery Manufacturers Association, said the present government had taken some extremely unpopular steps that were necessary to keep the budget deficit down. He said Asif as the president of the country and head of the ruling party should focus on reviving the sagging economy.

He said businessmen would cooperate with the government in following all merit-based transparent policies that Asif would formulate to revive the economy. He said maintaining status quo, as had been done during the past four months, would lead to flight of capital.

Farooq Iftikhar, the former senior vice-president of the Lahore Chamber of Commerce and Industry, said that Asif was an elected president and businessmen should give him a chance. He said economy was in such a state that there was no more room for deterioration. It would in fact lead to chaos if the economic downslide was not stopped, he added.

He said Zardari could revive economy through prudent and transparent policies. He said given his chequered past, the new president should improve his image and leave a mark on the history.

http://www.thenews.com.pk/daily_detail.asp?id=134390