Islamabad, Mian Zahid Hussain, a prominent figure in Pakistan's business community, has voiced strong support for Shahbaz Sharif's leadership as the Prime Minister, emphasizing the expected positive impact on the country's economy and political landscape. Hussain, who holds various key positions including Chairman of the National Business Group Pakistan and President of the Pakistan Businessmen and Intellectuals Forum, highlighted the importance of political stability and a favorable business environment under Sharif's tenure.
According to Pakistan Businessmen and Intellectuals Forum, Hussain outlined Sharif's track record of successful governance as Chief Minister and noted his contributions to the country's ongoing International Monetary Fund (IMF) program. He expressed confidence in Sharif's understanding of economic issues and his ability to garner support from influential political figures like Nawaz Sharif and Asif Ali Zardari, as well as from friendly countries.
Hussain praised Sharif for inviting all political parties to support a charter of the economy immediately after his election and for extending an offer of national reconciliation. He urged the Pakistan Tehreek-e-Insaf (PTI) party to accept this offer, stressing the need for a comprehensive strategy that prioritizes national interests and ensures continuity in economic policies to attract and retain investors.
The business leader also called for a new agreement with the IMF, with a particular focus on reducing energy costs. He criticized the repeated increases in the price of electricity, gas, and oil, which, although temporarily beneficial to the energy sector, impose significant burdens on the general populace and hinder the industrial sector's competitiveness.
Hussain pointed out the detrimental effects of high energy costs on production, demand, and exports, and emphasized the necessity of addressing these issues to foster industrialization and investment. He highlighted the government's practice of passing on the costs of unused electricity, theft, and inefficiencies to consumers, which exacerbates poverty and weakens the industrial base.
Moreover, Hussain advocated for a reduction in the volume of imported fuel and called for incentives to promote clean and environment-friendly energy sources. He expressed concern that the current energy policies are discouraging investment in the clean energy sector and urged the Prime Minister to take immediate action to address these challenges.