Karachi Security situation to result in massive exodus of capital, industry: FPCCI

FPCCI on Tuesday asked the government to take serious steps to revive the confidence of business community which has been shattered due to deterioration of law and order situation. Cosmetic measures have never worked in past and lip service will not work in future, said Tariq Mehmood, Director Pak-UK Business Council and Chairman FPCCI Standing Committee on Health.
Talking to business community here, he said that law and order situation has deterred foreign as well as local investors in a time when brain drain, flight of capital and shifting of industrial units from Pakistan has broken all the previous records.
Tariq Mehmood who is also former president of the Attock Chamber of Commerce and Industry said that reluctance of government to deal effectively and proactively with security challenges has disappointed business community which has not proceeded to strikes, the last option.
We are already faced with problems like energy shortages, weak infrastructure, pathetic transportation, and discouraging regulations but security concerns take predominance over all other areas, he said.The economic meltdown, increasing unemployment, runaway inflation, and eroding currency are also serious problems that are taking backseat since years, he observed.
Tariq Mehmood said that situation is sending very negative signals; authorities should not make business community pay the price for the unending process of political reconciliation and chalk out strategy to contain extortion.
Lauding the wisdom of national business leader Tariq Sayeed and other leaders of business fraternity of Karachi, he said that postponing the strike for fifteen days is last chance for the government to hammer out things disregarding political considerations to the satisfaction of business community or face massive exodus of capital and industry, he warned.