Karachi: The President of the Pakistan Business Group (Sindh Region) and key figures in national commerce, Malik Khuda Bakhsh, has asserted that escalating tensions in the Middle East are placing global economies, including Pakistan's, at a pivotal point. According to Federation of Pakistan Chambers of Commerce and Industry, Malik Khuda Bakhsh emphasized the significance of strategic foresight and policy measures by Pakistani leadership in maintaining stability amid these tensions. He noted that while Pakistan has so far managed to avoid a severe crisis, disruptions in key trade routes and maritime channels are exerting pressure on global supply chains.
Malik Khuda Bakhsh highlighted that the joint peace agenda for the Middle East, spearheaded by Prime Minister Shehbaz Sharif with China's collaboration, could bring about favorable outcomes. The safety of the Strait of Hormuz, vital for international trade and energy transport, remains a priority, he stressed. The government's decision to subsidize oil prices has been praised, yet the potential rise in global crude oil prices threatens to increase inflation rates, which had remained stable in recent months.
The business leader warned that continued tensions could affect remittance inflows from Middle Eastern countries, a significant source of foreign exchange for Pakistan. Malik Khuda Bakhsh concluded by acknowledging the government's cost-saving measures but underscored the need for additional actions to stabilize oil prices and protect the economy from further inflationary pressures.
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