Auto, cement, pharma offer divergent views

KARACHI: The business leaders of auto, cement and pharma sectors gave a mixed reaction to the split decision by a five-member bench of the Supreme Court on the Panama Papers case.

Some were not happy with the verdict while others claimed that it will bode well for the economy.

They said all eyes are now set on the upcoming budget that is expected to be populist to garner support for the ruling party in elections due next year.

Pakistan Association of Auto Parts and Accessories Manufacturers (Paapam) Chairman Mashood Ali Khan said Pakistan needs political stability. “The scenario arising out of the split decision is not conducive for economic growth,” he said, adding that the government should focus on promoting industrialisation, increasing productivity and creating employment.

“Entrepreneurs are managing businesses in an unfavourable environment. The government needs to make conditions conducive for local industry,” he added.

The business community needs supportive policies, Mr Khan said.

Pakistan Pharmaceutical Manufac­turers Association (PPMA) Chairman Dr Kaiser Waheed said the Supreme Court’s split decision would not be good for the country and its economy.

“The Supreme Court should have given a unanimous decision,” he said.

A leading auto assembler said the decision would not affect the car market. “The sale of locally produced vehicles will remain normal in coming days,” he said.

Association of Pakistan Motorcycle Assemblers (APMA) Chairman Mohammad Sabir Sheikh said life would be the same for the sector after the Supreme Court decision.

A leading cement maker said the decision has at least ended uncertainty that had engulfed the economy for the last six months.

“The industry sees the decision in the larger interest of the nation,” he said.

“The Supreme Court has entrusted the Federal Investigation Agency, State Bank, National Accountability Bureau and Securities and Exchange Commission of Pakistan, with the task to resolve this matter honestly. It is now a test for these national institutions,” he noted.

Former office-bearer of the Association of Builders and Developers, Asif Sum Sum, called the Supreme Court’s verdict a balanced decision, which will not hurt business activities.

Published in Dawn, April 21st, 2017