Business community sees better days after Osama’s death

Business community sees better days after Osama’s death Internews/Karachi
Pakistani business community yesterday expressed the hope that the investment environment would improve after the killing of Osama bin Laden, the leader of Al Qaeda responsible for killing thousands of Pakistanis.
The killing of the world’s most wanted man did not influence exchange rate as the US dollar kept normal relation with the rupee on the day when he was announced dead.
It was surprising while most of the businessmen and bankers thought that bin Laden was not much related to the local business environment, they were not ready to be quoted under ‘unknown fear’.
The business community and bankers said the law and order situation would improve hoping a sharp drop in bomb explosions.
So far over 30,000 Pakistanis have been killed in bomb explosions including suicide attacks.
Leading business leaders flatly refused to comment on the killing of Bin Laden without explaining the fear.
However, Chairman F.B. Area Association of Trade and Industry Mohammad Irfan said the investment environment would improve only when the US forces leave the region.
“I think the Americans have achieved their target by killing Osama as they hold him mastermind of the 9/11 attacks,” said Irfan, adding that the US would evacuate the region.
The business community believes that presence of US forces in Afghanistan would continue to deteriorate law and order situation which would not allow improvement in investment flows to Pakistan.
They said Pakistan had to face hundreds of suicide bombings and loss of thousands of lives which destroyed the country’s image as economy of vast potential having a huge market of 180 million people.
“I think the killing of Bin Laden will have no immediate positive impact on the economy, however, if the law and order situation improves as a result it will certainly improve the investment environment,” said a senior banker.
He said the situation would be clear in next 20 to 25 days helping analysing the real impact of killing of Bin Laden.
An industrialist expressed fear that the situation could further deteriorate if Americans take such actions in other cities without taking Pakistan in confidence.
The government however didn’t come up with a clear statement how the American forces landed in Abbottabad without the involvement of local law enforcement agencies which created doubts that Americans carried out the operation at their own.
“If this is the real situation then I can see more attacks in other cities like Lahore, Islamabad and even Karachi which would certainly destroy the economy,” said an exporter of textile products.
Currency dealers said the impact of bin Laden death was zero on exchange rates.
“The only visible thing in the open market was more purchasing of dollars,” said Anwar Jamal, a currency dealer.
He said the greenback was traded at the same level of about Rs84.50 as it was on Saturday. The inter-bank currency market also operated normal.