Business leaders suggest PM Shehbaz forge trade ties with India, reconcile with Imran Khan for 'political stability'

In a bid to address Pakistan's economic challenges, Prime Minister Shehbaz Sharif has come together with the business community, aiming to rejuvenate the economy through robust exports. However, amid expressions of appreciation for the government's recent progress, concerns over political instability dominated the hour-long meeting at the CM House in Karachi, Dawn reported.

Acknowledging the government's efforts, Arif Habib, head of the Arif Habib Group, welcomed the recent developments, saying: “You made some handshakes after taking office which produced good results and progress on the agreement with the IMF are among them. He urged the prime minister to further extend this spirit of cooperation, suggesting trade talks with India and reconciliation with jailed PTI leader Imran Khan as potential avenues to support the economy.

“I suggest you do a few more handshakes. One of them is trade with India, which would greatly benefit our economy. Second, you should also [patch up] with a resident of Adiala Jail (a reference to imprisoned PTI leader Imran Khan). Also try to fix things at this level and I believe you can do it,” he said, according to Dawn.

In response, Prime Minister Shehbaz Sharif refrained from directly addressing the political dimension but emphasized his commitment to economic growth. “You are all great business minds…Let us focus on real industrial and agricultural growth and double exports in the next five years,” he urged, highlighting his vision for revitalizing the economy . Drawing inspiration from Bangladesh's economic transformation, he highlighted the potential for Pakistan's industrial might to flourish.

Despite the Prime Minister's optimistic outlook, concerns resonated throughout the House about the feasibility of his ambitious plans in the current economic environment.

Zubair Motiwala, a prominent industrialist, raised poignant questions about the viability of doubling exports amid rising energy costs. “The Prime Minister wants to support the industry by doubling exports and reducing business costs, but this seems impossible in the current situation,” he lamented, highlighting the exorbitant prices of gas and electricity which threaten Pakistan's competitiveness in the global market.

Motiwala's presentation highlighted the pressing challenges facing Pakistan's industrial sector, particularly the burden of capacity charges and escalating circular debt in the power sector. He stressed the need for fair gas prices and a strategic approach to tackling electricity surpluses, advocating for policies that boost industrial growth without exacerbating financial stress.

Prime Minister Shehbaz Sharif, while refraining from immediately responding to political questions, assured the business community of his commitment to resolving economic hurdles. “I would listen to you and develop a plan to implement this,” he said, pledging to convene further discussions to comprehensively address the industry's concerns.

As the meeting drew to a close, the Prime Minister reiterated his determination to engage with stakeholders across the country, signaling a collaborative approach towards economic recovery. “I would soon invite businessmen from all over the country to Islamabad and sit with them until all the issues are resolved,” he promised, Dawn reported.

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