Karachi: Mian Zahid Hussain, a prominent leader in Pakistan's business community, has cautioned that efforts to isolate Iran could have devastating effects on the global economy. As Chairman of the National Business Group Pakistan and leader of several other business forums, Hussain emphasized that any military or economic actions against Iran could disrupt worldwide energy supplies and destabilize international markets.
Hussain pointed out that a significant risk lies in the potential closure of the Strait of Hormuz, a critical chokepoint through which nearly 20 million barrels of oil pass daily. Such a move by Iran, he warned, would not only trigger a global economic crisis but also cause severe financial harm to Iran itself, leading to possible global isolation.
Addressing the business community, Hussain highlighted the strategic importance of the Strait of Hormuz, which is vital for the energy needs of major economies like China, India, Japan, and South Korea. Any blockage would likely result in skyrocketing energy prices and widespread economic instability.
Hussain stressed that while some countries have developed alternative pipelines, these are insufficient to meet global demand. He warned that a disruption in oil supply could lead to increased import costs, supply chain delays, and political unrest in developing nations.
The business leader called for immediate action from global powers to address the escalating tensions and prevent a full-scale crisis. He urged for a resolution that acknowledges Iran's right to survival while proposing that Pakistan adopt a cautious and balanced foreign policy amidst the ongoing tensions.
Hussain recommended that Pakistan enhance its energy security by exploring alternative supply routes and increasing domestic production. He also suggested that the government engage with industry experts to devise strategies for managing potential economic disruptions.
The press release from the Pakistan Businessmen and Intellectuals Forum underscores the urgency of diplomatic efforts to prevent a scenario that could lead to a new wave of global recession.