Political stability pre-requisite for sustainable economic growth

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ISLAMABAD, Jul 22 (APP):SAARC Chamber of Commerce and Industry Senior Vice President Iftikhar Ali Malik Sunday said that political stability studded with uninterrupted continuity of democratic system of government laced with better law and order is a must for making the country an economic giant among the comity of nations.
Talking to a delegation of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) who called on him at his residence after conducting successful FPCCI 6TH Achievement Awards, he said those who won medals deserve our applause as they performed best in their respective field to boost the economy,” says a press release issued here today.
He said corporate sector is an asset of Pakistan that has sustained itself in tough conditions. He said that private sector is playing vital role for boosting the economy of the country so it is the prime responsibility of the government to fully support and encourage private sector to play leading role in the economy. “We should all work together tirelessly in our respective selected professions to take the country to new heights of glory and economic prosperity,” he added
Iftikhar Malik who is also Chairman of United Business Group (UBG) aid the political leadership of the country should demonstrate maturity and be refrained from the blame game and for developing national cohesion, adding that such things would end up in nothing but political turmoil. Pakistan has vast natural resources, which are many times more than the oil rich countries of the world but could not be exploited due to the political uncertainty and disruption of the political process.” He said economic development and corresponding prosperity were intertwined with political stability.
He said that Pakistan had copper and gold deposits, Thar coal reserves, about more than 40,000 MW potential of hydro power generation in Gilgit-Baltistan, fertile land in Punjab and yet ironically the people of the country were stricken with energy deficiency.He said that the country was passing through a critical phase of its history in the wake of war against terror which, he added, warranted stable democracy and continuous healthy economic growth.
Iftikhar Ali Malik said the current political instability is badly hampering the national economy and discouraging foreign investors, which makes Pakistan an even more precarious place to invest. He urged the leaders of all political parties to help strengthen democratic system in the national interest by burying their political differences. He added that political stability was a key factor worldwide for economic development and restoring confidence of foreign and local investors. He said that in the international scenario, only such countries would survive in days to come which had a strong economic base.
He said that if international disputes could be settled down through negotiations and parleys, why not political issues could be solved amicably in Pakistan. He said Pakistan is blessed with plenty of indigenous natural resources and mineral deposits. He said national economy is now in dire need of full support from stable democratic institutions.He hoped that a stable government will emerge after the elections which will steer the country out of the quagmire of crisis and will take the opposition parties along with it to bring long term economic policies which will helpful boosting the national economy.
“However, politicians should be judged not on their promises but on their ability to deliver,” he concluded.