Pakistan’s leading Pakistani media outlet Dawn reported that political and economic uncertainties and deteriorating law and order situation in Pakistan have created fear among businessmen who provide black money to individuals and institutions. It is also pointed out that the move is aimed at securing business.
Anwar Khawaja, a Karachi-based investor with businesses in Dubai, said many of Pakistan’s big businessmen have shifted their business partially or fully to Dubai. He says that Pakistanis don’t mind investing in real estate in Dubai, but shifting the center of trade and business there is a problem. Anwar Khawaja opined that while businessmen have their own justifications, it has cost the country income and jobs for people.
In recent years prominent business families have settled in Dubai. Buying houses in the city and establishing trade with foreign countries. Trade is dependent on goods from Pakistan. They export and import to other countries.
“It is easy to do business from Dubai as there is no problem in opening an account for export and import. They earn and invest in Dubai. Especially, in the real estate sector which is a paradise for making money’- he said.
Analysts suggest that the immediate formation of a strong new government in Pakistan is the only way out of the uncertainties. Some pointed out that the new government would have to act on a war footing to improve the economic scene and address the concerns of the business community.