Lahore, May 14, 2012 (PPI-OT): The Lahore Chamber of Commerce and Industry on Monday, while expressing grave concern over deteriorating law and order situation in Karachi, said that it would have far reaching implications for entire economy including trade and industry all over the country if necessary measures are not taken immediately to ensure normalcy there.
In a statement issued here the LCCI President Irfan Qaiser Sheikh said that Karachi is the investment and trade gateway to Pakistan and its economy is linchpin of national economic growth performance but the incidents of killings almost daily are hitting the investment scenario very badly.
The LCCI President said that Karachi, which is the world’s 20th largest metropolitan area and forms the hub of Pakistan’s economic activity. Karachi produces about 42 per cent of value added in large scale manufacturing and 25 per cent of the GDP of Pakistan. In other words, the city itself contributes over 80 per cent to the Gross Provincial Product. Economic activities in Karachi contribute more than $40 billion to Pakistan’s total annual GDP.
He said that hundreds of killings in Karachi in a little more than six months are an eye opener for the government. Nine more killing in last 24 hours enough to make the point that law and order situation in Karachi is far away from satisfaction. Government should must review all its policies to stop killings in commercial and industrial hub of the country.
“If the city of Karachi continues to bleed, it is not the local investment alone that would hurt but no foreigner would visit this country for business purposes. Load-shedding situation could also aggravate because a major chunk of electricity is being produced through thermal means that is imported via Karachi port.”
The LCCI President, who was very worried over recent spate of killings in Karachi, said that there was a dire need to take immediate measures to control law and order situation in the country.
He said that the government should immediately convene an All Parties Conference wherein business leaders should also be invited to find out a strategy to cope with this menace once for all.
“Involvement of foreign hand in Karachi unrest cannot be ruled out, therefore the government must look the Karachi situation from this angle also.”
The LCCI President said that gang war in certain parts of Karachi were enough to turn it an investment shy place. “there is no doubt in it that the Chambers of Commerce and Industry in the country were making all out efforts for the promotion of trade and industry but it is the law and order situation that spoils all their efforts. Therefore, he said the government should workout a solid plan to keep Karachi a land of peace and tranquility.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854