Industry | Pakistan

KARACHI: A warning from a senior minister has deeply shocked the trade and industry leaders, but they are tight-lipped when asked for comments on the situation. Recently, Interior Minister Mohsin Naqvi said the governance system had completely collapsed and was no longer capable of addressing critical challenges, and called for the creation of new administrative units. However, the statement was closely analysed by trade and industry leaders, but they were not ready to publicly comment on the implications of the “collapsed governance system.” A leading industrialist described it as a political statement, not an economic one. Calls it a political, not economic statement “In fact, we are facing a number of problems that hinder the growth of the economy, and these should be addressed on a war footing,” said Mr Saqib Fayaz Magoon, Senior Vice President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI). We are stuck with the high cost of energy, which has increased production costs too much, p...

Tankers are seen off the coast of Fujairah, as Iran vows to close the Strait of Hormuz.—Reuters KARACHI: Though Pakistan is not part of the ongoing conflict in the Middle East, it is the first victim in the region as the government raised oil prices while the high-cost oil is still at sea; the 28-day stocks are being sold at prices yet to reach consumers. India kept petrol and diesel prices stable despite global price spikes, but LPG prices were increased. The Indian government has so far managed high import costs for crude. Trade and business people were disappointed with the sudden jump in oil and diesel prices by Rs55 per litre, while ordinary citizens were highly concerned about the ripple effects of this oil price hike. “The easiest way to extract money is to bomb the common citizens and destroy the already ailing economy,” said Syed Shakil, a textile industry worker. He said the textile industry was facing tough times and could face the most difficult times in the wake of the Middle East war. Industry p...