Hyderabad Chamber of Small Traders and Small Industry (HCSTSI) President Saleem Memon has paid great tribute to the positive, balanced and effective diplomatic role of the Islamic Republic of Pakistan in the context of the recent tension in the Middle East, saying that Pakistan has given practical proof of being a responsible and dignified state in establishing peace at the global level.
Saleem Memon lauds positive, balanced, effective diplomatic role of Pakistan in easing recent tension in Middle East
HYDERABAD, Apr 08 (APP): Hyderabad Chamber of Small Traders and Small Industry (HCSTSI) President Saleem Memon has paid great tribute to the positive, balanced and effective diplomatic role of the Islamic Republic of Pakistan in the context of the recent tension in the Middle East, saying that Pakistan has given practical proof of being a responsible and dignified state in establishing peace at the global level.
He particularly appreciated the diplomatic efforts led by Field Marshal, Chief of Army Staff General Seyed Asim Munir Ahmed Shah and Prime Minister Mian Shahbaz Sharif and said that Pakistan’s role in achieving a two-week ceasefire is very important, timely and proud, which not only helped avert a major humanitarian tragedy but also played a key role in saving the region from a potentially devastating war.
Saleem Memon said the ceasefire has immediately triggered encouraging economic signals around the world. international crude oil prices have gone down significantly from around $110 per barrel to nearly $90, which resulted improvement in the market stability and brought global uncertainty down too.
This reduction is going to benefit directly to a country like Pakistan, which has an import economy, which will surely reduce the prices of petroleum products but will also bring a remarkable reduction in inflation.
He also stated that right after the ceasefire declaration, the Pakistan Stock Exchange jumped to an extraordinary boom, where the KSE-100 index recorded a historic growth of more than 12,000 points. This boom is clear proof that the business community is showing full confidence in Pakistan’s diplomatic role and the prospects for peace in the region.
The Chamber President said that this is a welcome development for the business community, as the reduction in oil prices will reduce production costs and transport costs, which will increase export competitiveness and provide relief to small traders and industrialists.
He demanded that the Government of Pakistan immediately transfer the benefit of the reduction in oil prices in the global market to the people and significantly reduce the prices of petrol and diesel so that real relief can be provided to the people and the business community burdened by inflation.
