Business community delighted over SC verdict

KARACHI: Business community appears to be delighted over the decision of Supreme Court on NRO as they expect it would send a positive signal to foreign investors who have, so far, been skeptic about rule of the law in the country.

The response of leaders of the private sector over the landmark decision was positive who found it to be just and fair.

They were of the view that the decision proves that the country is heading towards a right direction and its impact would be felt on economic indicators.

Karachi Chamber of Commerce and Industry president Abdul Majeed Haji Mohammad said that Supreme Court’s decision has removed tension and its impact on economy and political scenario would definitely be constructive.

He said that foreign and local investors, who were thinking negatively about bleak economic and political prospects, must now be feeling that ‘democracy prevails in Pakistan as NRO decision goes against the sitting president and its some cabinet members.’

‘If security issues are tackled effectively, the economic activity will further pick up,’ he said.

Korangi Association of Trade and Industry chairman Razzak Hashim Paracha said that ‘the country is heading towards a positive direction in view of accountability, justice and things have started improving.’

The process of accountability and justice would bring economic stability, he said, adding if these two main things prevail, bureaucracy would also work honestly and efficiently.

As a result, the economy would also perform well.

Site Association of Industry chairman Salim Parekh, terming the decision beneficial said it has proved that ‘judiciary is independent in Pakistan.’

The NRO decision would definitely restore the confidence of international community as well as local businessmen and they would make investment in the country.

F B Area Association of Trade and Industry chairman Shahid Ismail termed the decision good omen for future of Pakistan in which various elements of corruption would be discouraged.

Pakistan Pharmaceutical Manufacturers Association chairman Zahid Saeed termed the NRO decision a confidence-building measure among investors and the business community.

‘The decision has set a direction that the process of accountability has got underway and it would help curb corruption at different levels,’ he said.

‘At least people would now be frightened before indulging in some kind of malpractices and corrupt activities,’ Zahid said.