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HYDERABAD, Jan 30 (APP):President Hyderabad Chamber of Commerce and Industry (HCCI) Adeel Siddiqui has said that Pakistan is moving towards economic stability after the recent economic downturn.
He emphasized the need for making Pakistan’s political model democratic in real terms, in which the check and balance principle should be given priority for any legislation.
In a statement issued here on Tuesday, he said that foreign direct investment stood at 1455 million dollars in 2022-23 but during the caretaker regime and efforts of the Special Investment Facilitation Council (SIFC), it stood at 1066 million dollars in six months.
He said that the decline in foreign exchange reserves was controlled to ease pressure on the business community although foreign exchange had dropped to $9bn however, he said, now these reserves are $13.256bn and the Pakistani rupee had gained ground vis a vis US dollar.
He said with the investment of billions of dollars by friendly countries and foreign investors, Pakistan’s chances of getting out of the economic crisis this year are bright. He said Pakistan was undergoing an electoral process but unfortunately, no political party was offering a solution to the economic crisis and voters’ confusion had increased.
The HCCI Chief said that a constant up-down in foreign exchange reserves ratio had caused a situation of uncertainty but the caretaker government somehow smartly pulled the country out of the crisis. He, however, questioned whether the incoming government would be able to carry forward the policies of the caretaker government.
President HCCI said industrial progress and export competition basic structure and planning should be focused.
He said that concepts are changing fast in the current situation and added wars were now being fought on communication and economic fronts instead of battlegrounds. He said that a strong economy could make any country a superpower.
He said that the political model of Pakistan needs to be made public and democratic in the true sense, in which legislation should be made keeping in mind the principles of check and balance, and there should also be a mechanism of check and balance for the positions of authority.